“Capitalism was the only system in history where wealth was not acquired by looting, but by production – not by force, but by trade – the only system that stood for man’s right to his own mind, to his work, to his life, to his happiness, to himself.” – Ayn Rand
The Mises Institute recently unveiled a series of short, animated videos that highlight the role capitalism has played in empowering the public, undermining tyranny, and promoting peace and prosperity. The Mises Institute is a nonprofit organization that encourages teaching and research in economics, individual freedom, honest history, and international peace. The institute gets its name form Ludwig von Mises, one of the most notable economists and social philosophers of the twentieth century.
These videos are ideal for parents looking to supplement their child's economics education at home, or adults looking to broaden their understanding of economics. Ludwig von Mises strongly believed that the fate of civilization rested upon the ideas that motivate the masses -- ideas including socialism -- currently receiving praise from academia and the rising generation.
“Today it seems evident that we are rearing a generation of Americans who do not understand the productive base of our society and how we came by such prosperity,” said Ezra Taft Benson in his 1977 book, This Nation Shall Endure. Benson was an American farmer, government official, and religious leader who served as the 15th United States Secretary of Agriculture during both presidential terms of Dwight D. Eisenhower and as the 13th president of The Church of Jesus Christ of Latter-day Saints.
Benson continued, “Evidence of this fact is found in surveys taken among some of our high school and college students, the majority of whom, it is reported, believe private enterprise is a failure, although they don’t have a clear understanding of what private enterprise is. With them, as with many adults, there is a vague notion that it is some unfair system that tends to give special advantage to big corporations and wealthy individuals.”
Conservative leaders and economists warn that if we fail to win the battle of ideas, we will see the horrors of socialism and communism repeated. According to the Mises Institute, “Capitalism was revolutionary by recognizing property rights for all, regardless of background and social standing. Under capitalism, even the most vulnerable in society had an absolute claim to their own labor and property. It did not guarantee equality of property, but capitalism eliminated any right by anyone else to infringe upon it.”
Capitalism has empowered consumers -- rather than government -- to influence what is produced in the economy. This happens, thanks to profit. If enough people demand a good or service and it’s sold for more than it costs to produce, that means the production of that good or service is profitable.
Is it not our responsibility to warn the rising generation of the dangers of state control over individual liberty and the means of production? The collectivist idea of empowering government with increasing control will not lead to a utopia, but eventually to the horrors of the former Soviet Union, Venezuela, Cuba and North Korea.
Sources Cited
Economics for Beginners Series
This Nation Shall Endure
By Ezra Taft Benson, 1977, Deseret Book Company, Salt Lake City, Utah
