If and when you listen to the half-truths in the media you are constantly being told by the propagandists that capitalism is evil and that speculators are vile. Here is why these are half-truths.
First of all the word ‘capitalism’ is supposed to be describing a free market economy but there is and has not been a free market economy anywhere, anytime. In that regard what is being practiced that is evil is interventionism which is nothing but the political corruption of the economy.
Second, speculation is absolutely necessary for any production to occur. Nobody knows what will be the outcome in the market; some products fail and some succeed, and some products people want more of and some products people want less of. The market conveys that information but only after production is finished and reaches the market. Before production occurs the market response is just a speculation. With no speculation there is no production! In that regard the attack by the socialists on speculation is an attack on production which explains one of the reasons why very few goods and services are available in socialist ‘economies’.
In addition to arousing your curiosity about the greatness of free market economics and about the value of speculation, this information helps you to quickly identify those whose voices are the voices of socialism. If a person attacks the free market or if they attack speculation they are either in need of education or they are socialists trying to spread lies and half-truths.
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