Greed is not unique to capitalism

A discussion I heard on the radio today between a self-described socialist and a radio talk show host reminded me of this post about greed.

It also brought into a focus an important point that many people miss and may even be a source of dislike or distrust for capitalism.

The point is that greed is not unique to capitalism. Many people seem to think it is. Or maybe they mistake any money-making endeavor for capitalism.

There are greedy politicians, greedy not-for-profit chairmen, greedy welfare recipients and greedy welfare administrators. There were greedy kings, greedy socialists, greedy communists and greedy fascists.

When a corrupt politician sells his vote, that’s not capitalism. That’s corruption. And it’s greed.

What is unique to capitalism is its ability to harness greed for the greater good, as Walter Williams discusses in the post I linked to.

It does this by encouraging people to produce something of value — using what is rightfully theirs’ — for others to satisfy their greed.

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Self interest is not greed, nor selfishness

Speaking of Aaron McKenzie, he did a great job in this post at untangling two concepts that many people get tangled up: Self-interest and greed.  These are not the same.