By Gerry Scharfenberger
The current fad of socialism/communism that has become the political ideology du jour of the radical left, is one of the most bizarre occurrences in the history of our country. Imagine embracing a system that has been such an unmitigated failure across the globe, while deriding a system that has created the greatest, most prosperous nation the world has ever known.
Economist Dr. Thomas Sowell has spent a large part of his career extolling the virtues of capitalism and its value to not only America, but the entire world…
“No government of the left has done as much for the poor as capitalism has. Even when it comes to the redistribution of income, the left talks the talk, but the free market walks the walk.”
This quote by Thomas Sowell illustrates that capitalism’s primary benefit is its ability to create wealth on a mass scale, which directly improves living standards and opportunities for the poor. He argues that while the policies of the far-left focus on redistributing existing wealth, capitalism generates new wealth, enabling more people to rise out of poverty through economic opportunity and productivity rather than relying solely on the largesse of government.
One need only look at some of the high profile individuals who started out with nothing only to become wildly successful. Here are some notable examples:
Oprah Winfrey
- Born in poverty-stricken Kosciusko, Mississippi to a single, teenage mother, facing abuse and hardship growing up.
- Worked her way up through radio and television to build a media empire and a net worth that exceeds billions.
Jan Koum (WhatsApp)
- Grew up dirt poor in the Ukraine before emigrating to the U.S. at age 16.
- Started out sweeping floors while teaching himself computer networking.
- Became the co‑founder of WhatsApp in 2009, which was sold to Facebook for $19 billion.
Sara Blakely (Spanx)
- Began selling fax machines door‑to‑door.
- Used her savings of $5,000 to create the “toeless pantyhose” Spanx; becoming the world’s youngest self‑made female billionaire. Personal wealth estimated to be around $1.4 billion.
John Paul DeJoria (Paul Mitchell, Patrón Tequila)
- Twice homeless and reduced to living out of his car.
- Is the co-founder of two unrelated global brands: Paul Mitchell hair products and Patrón Tequila. Personal wealth estimated to be between $3 and 4 billion.
Dr. Sowell states that consumer-driven markets reward innovation and efficiency, compelling businesses to meet the needs of ordinary people. This system allows individuals to benefit from their own efforts and entrepreneurial skills, while failures carry consequences that encourage responsibility and learning. One of the best examples is the Pilgrims and their settlement in early 17th-century New England.
When the Pilgrims first arrived in 1620 they settled on a “collectivist” system whereby everyone received an equal share of the harvest regardless of how much (or how little they worked). This led to a lack of incentive to work harder and low productivity which threatened the colony with complete failure during what became known as the Starving Time.
This quickly changed when Governor William Bradford decided to allow each household to farm its own land and keep its own surplus. Yields increased dramatically, leading to the first Thanksgiving feast.
Sowell contrasts this with socialism or other systems, where personal failures, especially among leaders, may be ignored, and the creation of wealth, often stifled.
The disastrous road on which the “Democratic Socialists” want to take our country would remove the incentive for entrepreneurial creativity, atrophy private sector job creation, decrease workforce participation and obliterate the American dream that made our country unique and what allows people to reach whatever heights their talents, energy and efforts would take them.
