by Jonathan Decker
This week, a timely new e-book was released making the case for why capitalism is the best system for spreading universal opulence. “The Capitalist Manifesto,” authored by supply-sider Ralph Benko and prominent Tea Party organizer Bill Collier, serves as an easily readable primer on what capitalism is while heading into an election cycle that may challenge this system head on.
The e-book, in equal parts, serves as an indictment of the socialist philosophy — which the authors label “neo-feudalism” — and an indictment of the corrosion of capitalism, which the authors blame for capitalism’s waning public support. The e-book notes:
[T]rue Capitalism’s enemies have had some success in conflating it with its opposite, cronyism. Capitalism, which demands equal opportunity for all, is the very opposite of cronyism. Socialism is the very embodiment of cronyism. Under Socialism, the self-anointed, self-perpetuating, political elites allocate the nation’s wealth to their favored recipients. In theory they will allocate equitably. In practice they have always been guilty of favoritism and, ultimately, cronyism.
Cronyism and Capitalism cannot coexist. True Capitalism has equality of opportunity baked right in. True Capitalism has no tolerance for status-based or relationship-based privilege.
Cronyism in the business and political world exist. It has nothing to do with true capitalism. It is a corruption of Capitalism.
For me, the most insightful passages from this short e-book are its explanations of what capitalism isn’t. “The Capitalist Manifesto” serves as a necessary gut-check for free market supporters at a time when the movement greatly needs it. This short booklet reminds us what capitalism is at its very roots — and why it is worth defending.
It’s time to exonerate capitalism from the cronyism polluting its mainstream perception.
As “The Capitalist Manifesto” explains, cronyism occurs when there is a “subversion” of market forces — Big Business or other politically connected interest seeking a special legal carve out.
One prominent example of such cronyism is the 1920’s-era Jones Act, which restricts the transportation of cargo between two American ports exclusively to ships that are U.S.-built, U.S.-crewed, U.S.-owned, and U.S.-flagged. This nearly century-old giveaway to ship-builders still exists on the books to this day. The Jones Act had very real consequences in the aftermath of Hurricane Maria, when a decimated Puerto Rico was unable to receive much needed energy exports because there was no Jones Act-eligible vessel to deliver.
Capitalism needs more than an attack on socialism to win its referendum in 2020. It must also dismiss the false branding attributed to it by the other team. Doing so requires understanding capitalism at its core, and opposing its corruption from within. “The Capitalist Manifesto” provides 10 commandments — in contrast to the “Socialist 10 Commandments” — to get the ball rolling on restoring its favorability. This easily digestible e-book is a great introduction, or refresher course, on why capitalism is the best way to spread equitable prosperity. To find out more visit TheCapitalistLeague.com.