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Capitalism: A Story of Abundance and Misery
No ideology influences our daily lives more than capitalism.
We rely on a system of private enterprises to produce the clothes we wear, the food we eat, and the technology we use to communicate. We place our savings in the hands of a small group of banks.
Today, heated debates about capitalism pervade our political campaigns and our college campuses. Does a system of private wealth creation improve society? Or is it a heartless recipe for human misery?
These questions are not new; they have been raised since the economic system’s inception. Let us explore the story of how we built capitalism, and what we have learned along the way.
Our story begins with the Protestant Reformation in Europe. The Catholic Church’s grip on land, culture, and politics is weakened; its system of hierarchy and corruption is challenged by a new moral ethos.
The virtues of hard work, patience, and self-denial are extolled by preachers like John Calvin. No longer are the lazy aristocrats to be admired, the true heavenly reward belongs to those who shun pleasure and commit to their trade.
In 1670, the Dutch Republic becomes the first independent capitalist nation. The country…
