Revitalising Capitalism

“Doing well is the result of doing good. That’s what capitalism is all about.” — Ralph Waldo Emerson

We are entering a new age where people are starting to believe that Capitalism is an evil word. Capitalism is the reason 1 billion people have been taken out of extreme poverty in the last 20 years.

In 1949 Harry Truman the president of USA stated how more than half the world were in living in conditions of misery. However, the world has made drastic steps in lifting people out of poverty. From the years 1990 to 2010, the number of people living in extreme poverty reduced from 43% to 21%, a reduction close to 1 billion people.

Across the world Capitalism is responsible for freedom of trade and market expansion which has encouraged intellectual improvements, social mobility and global exploration. Wherever capitalism has appeared across the world, it has destroyed monopolies and restrictive practices. Companies, individuals and nations have been able to be enriched materially due to the amount of opportunities and choices available through capitalistic policies. It has provided liberation to the human spirit and destroyed outdated ways of thinking and old fashioned social hierarchies.

Adam Smith (1723–1790) was one of the earliest champions of capitalism. He believed in laissez-faire economics which would benefit practitioners whilst promoting society’s welfare. His book “The Wealth of Nations” set the idea that a nation’s wealth should be measured by the number of goods it was able to produce…