There is no political system without flaws: however, some have more flaws than others. It has always struck me that capitalism is by far the best of the lot. It is the only way to allow personal freedom its most complete expression, and to build prosperity.
Capitalism isn\’t actually a political system. It\’s simply an arrangement about ownership of assets and property.
It has its strengths, to be sure, but to call it a political system is to sell the pass to the opponents of it.
If you look at our own situation, it isn\’t in fact "capitalist" anyway. It\’s largely a market based system (with the exception of those parts like health and education provided by the State) and within the market part of it we have some distinctly non-capitalist competitors. The famous example would be the workers co-operative that is the John Lewis Partnership but all those legal partnerships, in fact partnerships of any kind, would also be distinctly non-capitalist. Looked at this way we\’re in a distinclty non-capitalist economy: although we are largely in a market one and it\’s that latter which is much more important than the former.
Another way of putting it is that we have a market in forms of ownership, just as we do in other things: and we\’re all the better off for that reason.
And it is most certainly markets, not capitalism, that allow the expression of personal freedom. A system of capitalist monopolies would not allow much freedom, while one of workers\’ co-operatives competing in free markets would.
As, of course, the system of State monopolies in health and education does not allow much freedom.
Worth remembering this distinction, otherwise as and when it does come to trying to make a choice between two alternatives, markets or capitalism, we might make the wrong one.