Recently one commentator in the
Wall Street Journal reported that young voters don’t see much value in
Capitalism. I suppose that this bias is one of the reasons for the remarkable
turnout of young voters in support of the attempt on the part of Socialist Senator
Bernie Sanders to wrest the Democrat nomination for President away from Hillary
Clinton.
I would suggest that if young
people want to see the value of Capitalism, they only have to look at the end
of their arm and behold the ever-present cell or mobile phone in their hand.
The iphone and its many imitators that have revolutionized the world are a
product of capitalism. Despite last year’s drop in stock value, Apple Corporation
remains as one of the world’s largest and most profitable companies.
Years ago Steve Jobs, Apple’s
legendary founder, broke the virtual monopoly in the computer business enjoyed
by IBM and Microsoft. He was a genius but he could never have built his company
without capital. He either had to borrow money to bring his ideas to fruition,
or offer shares of stock (partial ownership) in the company to build the
business.
Moreover, practically every day
these mobile phones and laptops have to be plugged into the electric grid so
that their batteries can be recharged. Electricity is one of our basic human
needs in the modern world but it is remarkably cheap compared to other things
we buy. Although regulated to some extent by government agencies, most electric
companies are privately owned, for profit companies whose shares are also bought
and sold on Wall Street.
People hate their electric bills
but most of us probably spend less on this vital resource than we pay on beer
and coffee. Speaking of coffee, the ubiquitous Starbucks, where so many young
people like to meet and hang out is also a product of Capitalism. How could
this very popular company have grown from a small start-up in the North West to
a worldwide phenomenon without capital?
Actually, the alternative to
Starbucks for those college students at the University of Michigan who came out
to vote for Bernie Sanders recently is university cafeteria coffee. Ugh!
On a recent trip to California we
visited the magnificent campus of the University of California at Berkeley, a
veritable training ground for young socialists. The campus is ringed by coffee
shops and eateries serving an incredibly wide variety of coffees from all over
the world. All of these places required capital to get started. Also, the more
coffee they sell, the more valuable they become, and the more people they employ.
If Apple and Starbucks are good
examples of Capitalism for college students today, these students might want to
consider that non-profit colleges and universities like Berkeley are good
examples of Socialism. It is these universities that produce the dorms and
cafeterias that seem to be almost universally despised. So far three of my
grandchildren have attended college and all of them took the earliest
opportunity to get out of the dorms and live off-campus. All of them despised
the campus cafeteria food and meal plans.
Of course, these schools and
universities have become notorious centers of political correctness and thought
control. They praise their commitment to diversity, but the faculty members are
overwhelmingly liberal or even radical. The suppression of political views
contrary to the party line is one of the main features of socialism.
Years ago when I taught at a small
college here in Connecticut, a colleague was doing his dissertation on the
kinds of periodicals read in communist China. He found that the magazines read
by ordinary people contained largely factual and accurate information about
America. However, the reading material of the Communist Party leaders and
bureaucrats contained the most outrageous distortions and propaganda. It is no
wonder that the Chinese version of socialism slaughtered over 20 Million
people.
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