Wednesday, September 23, 2020

Self-Interest and Social Benefit

Capitalism is a system of voluntary social cooperation in which each benefits himself to the extent that he benefits others. He benefits himself by earning money which he receives from others who value his goods or services more than the money they spend in buying them.

Under capitalism, these others, in turn, have obtained their money by benefitting more than equivalently those who have paid them, and so on back to the first day of the chain of voluntary exchanges.

Capitalism actually gives the benefit of one’s work to others that altruism claims to seek, but propelled by the force of one’s self-interest rather than painfully extracted by self-sacrifice and physical force.

To learn virtually everything significant about capitalism, read my Capitalism: A Treatise on Economics, available in Kindle, hardcover, and paperback editions at