What You Weren't Taught about Capitalism, Socialism or Private Enterprise

The soundest and most concise analysis of the subject you'll ever read, courtesy of Yves Dupont.

Democracy is the political expression of Liberalism, whilst Capitalism is its economic expression...

In the political area, Liberalism gave birth to Democracy... This, I discussed in my little book "The Popes and Democracy". In the economic field, we had Capitalism. Capitalism is based on profit alone, not on the needs of man. True, no company or corporation can be expected to work at a loss and, for that reason, the profit motive is quite legitimate, nay, it is the necessary incentive which Socialism destroys wherever it rises to power, thus bringing about complete economic chaos. But, whilst being an indispensable condition, the profit motive must not override other considerations and, although quite justified to increase the production of consumers' goods, it cannot condone speculation on non-existing money created solely by book entries. And this, I am afraid is the essence of Capitalism, as distinct from Private enterprise. To be sure, when you destroy Private Enterprise you destroy also private Capitalism but, contrary to the simplistic solution of the Socialists, it is possible to control Capitalism without destroying Private Enterprise. This will be achieved when the Banks are denied the right to issue non-existing money.