This question is very subtle
Capitalism is often vilified for being a zero sum game€ The idea is that if someone succeeds, someone else must necessarily fail
This is a gross oversimplification of the way markets actually work
Ironically, it is precisely because of capitalism that we have such a powerful engine of innovation in the first place
The reason why so many of us have so many innovations to choose from is because capitalism is a market system that empowers entrepreneurs
The marketplaces€ of ideas is constantly evolving and improving
Societies that embrace capitalism will have the most powerful engine of human ingenuity, while those that reject capitalism will be left behind
It is true that many innovations are the result of collaboration and thus have multiple innovators
The most successful innovations were the result of many minds working on the problem together
Sometimes, it is a matter of pure luck
But we should not dismiss the role of pure innovation and entrepreneurship in the process
Capitalism is the most empowering system for human ingenuity
MARKETS AND CAPITALISM: WHAT ARE THEY?
We’€™ve been using the words markets€ and capitalism€ interchangeably
However, there is a subtle difference between the two
Markets are everywhere
Even in the most oppressive societies, there are marketplaces, with their own market forces
But capitalism is a very specific type of market system
The most important feature of capitalism is that it is a free market system
Or, in other words, it is a system in which individuals have the freedom to act and to trade with other individuals
In a free market system, property rights are protected, and the government does not interfere arbitrarily
In other words, the government tax people and they do make rules
In a free market system, people are free to choose what they want to produce
There are no restrictions
In a free market system, people are free to help each other by trading
In a free market system, people are free to invent new products and services
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