On this episode of The Hillsdale College Online Courses Podcast, Jeremiah and Juan discuss the spiritual elements of capitalism before introducing Dr. Charles N. Steele.
Capitalism rewards man with profit or punishes him with loss, depending on the merit of his actions. It expresses the freedom and rationality of human nature in an economic system. The capitalist system depends upon private property rights, the freedom of exchange and contract, sound money, and the rule of law that supports all of these through formal and informal structures. Such a system encourages innovation and morality along with economic prosperity.
Capitalism is not the simple pursuit of profit without regard for moral restraints. Capitalism produces wealth by serving the desires of society. A moral and free society will reward good economic activity, which in turn creates prosperity for the people.
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