Since starting this blog, I’ve cited several columns by Walter Williams (see here, here, here, here, here, here, here, here, here, here, here, here, here, here, here, and here), in large part because he’s so good at explaining economic concepts, but also because he’s very effective when demonstrating how big government undermines both freedom and prosperity.
His latest column, though, is now among my favorites since he succinctly explains the moral difference between markets and government.
In a free-market system, in order for one to get more for himself, he must serve his fellow man. This is precisely what Adam Smith, the father of economics, meant when he said in “An Inquiry Into the Nature and Causes of the Wealth of Nations” (1776): “It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to their own interest.” …Free-market capitalism is relatively new in human history. Before the rise of capitalism, the way people amassed great wealth was by looting, plundering and enslaving their fellow man. Capitalism made it possible to become wealthy by serving one’s fellow man.
I’ve tried to make similar points, particularly in my post about government coercion vs. private charity. But Walter has a way with words.
I also like the way he closed his column. After explaining that big businesses often oppose capitalism, he then shows the similarity between tyrants and other statists.
Free-market capitalism has other enemies — mostly among the intellectual elite and political tyrants. These are people who believe that they have superior wisdom to the masses… Tyrants do not trust that people acting voluntarily will do what the tyrant thinks they should do. They want to replace the market with economic planning and regulation. The Wall Street occupiers and their media and political allies are not against the principle of crony capitalism, bailouts and government special privileges and intervention. They share the same hostility to free-market capitalism and peaceable voluntary exchange as tyrants. What they really want is congressional permission to share in the booty from looting their fellow man.
If you want to learn more about this remarkable economist, here’s a video about Walter’s life and here’s an interview about his latest book.
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The link you provided to his post doesn’t seem to work anymore. I found the full column over here.
http://www.creators.com/opinion/walter-williams/i-love-greed.html
Thanks.
[…] to say, Walter Williams is always worth reading to understand the difference between markets and statism. And here’s some good real-world […]
Really like the blog! Just discovered it – I run Missouri Tenth (http://www.missouritenth.com) – thought some of your readers may enjoy the topics we discuss there too, as well as our many PDF resource downloads on limited government, understanding government, and various book reviews. We focus on Missouri issues, but are applicable to the States as a whole. I would also like to put a link to this blog on the site, and possibly guest author (or share) a few articles. Thank you again for your work
[…] Walter Williams on the Moral Difference Between Markets and Statism […]
“He built it, my neighbor and I want it. We vote two to one and take half of it.
What’s going to restrain us? Calls to morality, a two centuries old document and threats that he’ll head for the beach instead?
Get real. HopNChange is here. The path to decline is set”
Also that looting and pillaging never seem to go out of style.
All well said from Dr. Williams. His two best points are that you can get ahead by serving others, and his words on tyrants believe they have superior wisdom to others.
Walter Williams just rules, doesn’t he?
Bravo! Another classic from Dr. Williams.