Capitalism vs. the Free Market – Sheldon Richman’s Full Lecture

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Lecture by Sheldon Richman given as part of The Future of Freedom Foundation’s “Economic Liberty Lecture Series” on March 1, 2010. http://www.fff.org

Sheldon Richman is editor of The Freeman, published by The Foundation for Economic Education in Irvington, New York, and serves as senior fellow at The Future of Freedom Foundation. He is the author of FFF’s award-winning book Separating School & State: How to Liberate America’s Families; Your Money or Your Life: Why We Must Abolish the Income Tax; and Tethered Citizens: Time to Repeal the Welfare State.

Here’s a great short piece on the differences between capitalism and free enterprise from Rick Martin:

“When I tell people that capitalism and free enterprise are not the same thing, I typically get a deer-in-the-headlights look, followed by a clearly articulated “Huh?”  But they are not the same thing, and that is the subject of this piece.

Capitalism requires growth.  Free enterprise does not.  Capitalism can only be satisfied by “more.”  Free enterprise can be satisfied by “enough.”  Free enterprise can go on forever.  Capitalism cannot.

Free enterprise means that I am free to set up my own enterprise, say a general store, and the Federal Agents will not come knocking at midnight. As long as my expenses do not exceed my revenues, my enterprise can continue indefinitely without the need to increase my net worth.

Free enterprise requires freedom, but it does not require accumulation, or growth.

Capitalism, on the other hand, requires a return on investment (ROI).  It requires me to accumulate ever more capital. If I invest $100, by the end of the year, I had better realize a minimum of $106.  If I don’t, then my investment became negative, as the very roots of capitalism are planted in inflation.


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Hidden in Plain Sight: The Secret History of Silicon Valley (Full Lecture), 3.1 out of 5 based on 8 ratings
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Hidden in Plain Sight: The Secret History of Silicon Valley (Full Lecture)

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How Stanford & the CIA/NSA Built the Valley We Know Today, presented by Steve Blank.

How much does an average Googler know about the history of the place he/she works in – Silicon Valley? Come and test your knowledge. I have seen this talk and I assure you – even seasoned Silicon Valley veterans will find this story interesting. Silicon Valley entrepreneur Steve Blank will talk about how World War II set the stage for the creation and explosive growth of Silicon Valley, and the role of Frederick Terman and Stanford in working with government agencies (including the CIA and the National Security Agency) to set up companies in this area that sparked the creation of hundreds of other enterprises.

 

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Hidden in Plain Sight: The Secret History of Silicon Valley (Full Lecture), 3.1 out of 5 based on 8 ratings
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