Why economic philosophy matters: Capitalism and the wealth of nations
Capitalism is not just an economic system, in the sense that investment in, and ownership of how we produce, distribute and exchange wealth is vested in the hands of private individuals and companies, and that prices are determined in the marketplace. Capitalism is also an economic philosophy because it is based, at least in its purest form, on individual rights. This economic system and its markets have faced many criticisms, several of them valid. But, it is beyond dispute, and is supported by empirical evidence, that capitalism remains the greatest creator of wealth and progress the world has seen. It has lifted billions out of poverty around the world, including some 600 million people in China, as well in India, Brazil and South Korea.