Capitalism as a Benevolent System
By Arnold Kling
Critics of capitalism see it as a cruel system that fosters injustice and exploitation. An alternative view is offered by many economists, particularly those of the Austrian School. George Reisman, for example, speaks of what he calls twelve insights into the benevolent nature of capitalism. For example,
A continuing increase in the supply of economically useable, accessible natural resources is possible as man converts a larger fraction of the virtual infinity that is nature into economic goods and wealth, on the foundation both of growing knowledge of nature and growing physical power over it.
For Discussion. Many environmentalists take a different view of the relationship between economic activity and natural resources. What economic principles are ignored by environmentalists, and vice-versa?