Capitalism comes from freedom. Socialism requires coercion.

Regardless of Tuesday’s election results, one thing is certain. Along with welcoming the Democratic Socialists of America into their party, Democrats are rapidly embracing socialism. Several DSA candidates are going to win in deep-blue congressional districts. Democratic House leader Hakeem Jeffries has already said they are welcome in his caucus. California Gov. Gavin Newsom said recently that the DSA and the “demand for bold change” are going “mainstream.” 

Polling shows that the public is increasingly open to socialism. A recent Gallup poll gave socialism a 43% approval rating. That’s closing in on capitalism, which is viewed positively by 55%. 

Although necessary, it isn’t enough to point out the practical problems with socialism. It’s time to make the moral case for capitalism. 

Any good argument should start by defining terms. Merriam-Webster defines socialism as the “collective or governmental ownership and administration of the means of production and distribution of goods.” Yes, that sounds like communism. The two words can be used interchangeably, as Karl Marx and Friedrich Engels did. 

In contrast, capitalism protects private property. Individuals and companies participate in a free market, which influences investments, prices and production.

Capitalism is a fancy term that describes freedom in economic decisions. Pull out your wallet or check your bank balance on your phone. Who does that money belong to? 

That’s not a trick question. It’s your money. Now, you’d probably agree that how you spend your money should be up to you. Imagine you use some of your money to invest in the stock market or start a company. That’s a free choice — with risks. 

In a free market, you can’t make someone buy products from your preferred companies. Businesses have to convince would-be customers to buy their products. Those individuals have the same freedom to spend or save their money that you do. 

Now, those who do that successfully can earn a profit. In a free market, that’s not a dirty word. It’s the reward a business earns for providing a good or service that someone else wants at a price they are willing to pay. 

There’s freedom for employees too. You can choose your profession and your employer. As you increase your abilities and experience, you can negotiate for a higher salary or switch companies. 

For both entrepreneurs and employees, the key to earning more is becoming more efficient at doing things others value. These win-win transactions are tremendously important to the broader economy too. Because they leave each person better off, these interactions power economic growth and reduce prices of popular goods over time.

Go through every step of capitalism and you’ll find individuals freely choosing what to build, where to work, what to buy and how they spend their time. Now, that freedom comes with responsibility. Individuals have to live with the consequences of their own choices. That may not be pleasant, but it’s an essential part of freedom. 

Contrast this with socialism. Think back to that money in your wallet. You take it for granted that you can go to the store and choose what to buy. But under socialism, government controls the distribution of goods. You don’t have the freedom to purchase what you want.

The government owning the means of production means you can’t start certain types of companies either. Nor could you buy stock in government-run companies. 

This isn’t great for employees either. Now, companies aren’t competing for your labor. The government runs the companies and you have to work for the government.

Socialism promises the opposite of responsibility. No matter what choices you make, you won’t have to live with the consequences. The government will run everything. 

People have a God-given right to liberty. That’s why capitalism is moral and socialism isn’t.

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