The truth is that capitalism is neither good nor evil, it just is. Capitalism can't get you a job, a bigger house, or a better retirement; you have to do all those things for yourself. But what capitalism can do is foster an environment where those with the will to succeed have a better chance of achieving their dreams.
Do hardworking people still fall through the cracks? Absolutely. Are there peaks and valleys as excesses in markets are worked out over time? No doubt. But I defy anyone to show me another system that has done as much to quickly raise the standard of living and quality of life of a country as capitalism has for America.
You can't, because it doesn't exist.
In 1949, someone who worked minimum wage over the summer would have enough money to buy the following items from that years Sears' catalogue:
A Smith-Corona typewriter; Argus 21 35mm camera; Silverstone AM-FM table radio; and a Silverstone 3-speed phonograph.
In 2009, the same person, working the same number of hours at minimum wage, would now be able to purchase:
A Dell laptop computer; HP color link printer, scanner, copier, Canon 8 megapixel digital camera; portable GPS system; 32" LCD HDTV television; 8GB iPod Nano; GE microwave; Haier refrigerator/freezer; Toshiba DVD/VCR combo; RCA home theater system; Uniden cordless phone; RCA AM/FM radio, Camcorder; Sony PlayStation2; and about 7 other things, but I think you get the point.
Capitalism promotes innovation and competition; two ingredients necessary for producing things that get progressively better even as they also get progressively cheaper.
The truth is that the minimum-wage worker in America is still one of the wealthiest people in the world.
Does that preclude us from trying to make things even better? Absolutely not; but those who favor throwing away the system that made us the envy of the world are either dangerously naive or they have an agenda.
*A special note for Academics and Crazy People: When I refer to "capitalism" in this chapter, I'm talking about democratic capitalism; the kind America used to have. Yes, you can technically still have a capitalist economy under a socialist government; but when everyone is paying 85 percent in taxes, the whole "free-market" concept doesn't really work very well.
