The Hatred of Capitalism

Ludwig von Mises

Ludwig von Mises

The Libertarian Buddhist has a post quoting Ludwig Von Mises on why Governments and political groups (Conservatives and Progressives) hate Capitalism.

While the conservative and the “progressive” foes of capitalism disagree with regard to the evaluation of the old standards, they fully agree in condemning the standards of capitalistic society.  As they see it, not those who deserve well of their fellow men acquire wealth and prestige, but frivolous unworthy people.  Both groups pretend to aim at the substitution of fairer methods of “distribution” for the manifestly unfair methods prevailing under laissez-faire capitalism.

now, nobody ever contended that under unhampered captialism those fare best who, from the point of view of eternal standards of value, ought to be preferred.  What the capitialistic democracy of the market brings about is not rewarding people according to their “true” merits, inherent worth and moral eminence.  What makes a man more or less prsoperous is not the evaluation of his contribution from any “absolute” principle of justice, but evaluation on the part of his fellow men who exclusively apply the yardsitck of their own personal wants, desires and ends.  It is prcisely this that the democratic system of the market means.  The consumers are supreme–i.e. sovereign.  They want to be satisfied.

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