How capitalism will save us(Forbes, Steve)

 1. Equality may not be right.

Individuals in a free market society that prioritizes freedom are very creative and innovative, whereas in a welfare state that prioritizes equality, human innate capabilities are limited.

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I think a welfare state is a double-edged sword.

People think that more welfare means a higher quality of life, but in the end, the cost of achieving that welfare must be borne by the people.

So in Europe, welfare is good, but because a lot of taxes are taken out, the actual income may be low, and in Korea, we receive good medical services due to health insurance, but the health insurance premium continues to increase.

Of course, welfare is good because it provides the same benefits to those who need it and do not have benefits, but the reality is that it does not always have advantages.

And because everyone enjoys the same benefits, new creative ideas decrease.

For example, because everyone pays a lot of taxes and receives the same medical benefits, the development of cheaper and better medicines may be delayed.

Because people invent due to inconvenience and lack.

I think that the world today is mostly well-off and prosperous, free from disease, and less worried about food or war, but the birth rate is low, and in contrast, the birth rate in developing countries is higher than that in developed countries.

Humans continue to want equality, but I think that equality can be considered poison to humans.

I think that it can be an obstacle to developing more advanced and excellent parts.

2. A good company allows everyone to grow together.

It is true that the Walmart chain has harmed some small business owners. However, it has created another opportunity for others.

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In the United States, it was said that Walmart is destroying many jobs and small business owners.

In Korea, it was said that large marts such as E-Mart and Lotte Mart will take away many jobs and local small business owners.

However, when looking at it now, I think that we have developed more thanks to large marts.

When a large mart opens, the population inflow increases, and the increased population inflow has a trickle-down effect on the surrounding stores.

Some people go home after shopping, but others go to play nearby and leave, so they look for more things to do nearby.

In the end, the dying commercial district becomes more active due to the appearance of a large mart, and I think that other stores in the area do not go out of business, but are recreated as new businesses.

Also, as large marts grow larger, various jobs in the mart continue to be created.

In my past experience, when there was no large mart in the neighborhood, the area was almost a dead commercial district because people had nothing to do or play.

However, after a large mart opened in the area, the surrounding commercial districts began to come back to life.

I also worked part-time at the food court of that large mart before I enlisted in the military.

The commercial district came back to life, and as a college student, I was able to quickly get a part-time job nearby, so it was an advantage for the workers, and business owners can earn income because there are many people in the area, and large companies also gain a lot of profit because there is a lot of demand. If we deal with small business owners emotionally, we may lose the parts of our lives that are convenient or the economic growth.

As I said above, if small business owners have inconveniences and shortcomings, I think they can gain more profits by developing better services with another mindset.

3. The rich are not those with a lot of money, but those who understand the economy well.

The best way for the government to stimulate the economy is to create conditions that make it easy for economic activity to occur. This means that we should create an environment favorable to economic growth through the rule of law, protection of property rights, tax cuts, stable currency, and removal of obstacles to starting a business and doing business.

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In the past, status and bloodline were important, so the rich lived as rich people and the poor lived as poor people.

However, in today's capitalist era of a free market system, the transfer of wealth is fast and anyone can have the opportunity to become rich.

It is becoming increasingly rare for the rich of the past to continue to become rich, and there are many ways to become rich. For a simple example, let’s look at North Korea and South Korea.

In North Korea, if you’re not born a communist or a relative of the Kim family, you can’t get rich.

The rest of the population has no healthy food, no lifestyle, no freedom, no personal property, and no medical services, so they always have to worry about death.

The military service period is long, and there is no creativity in business or change.

In South Korea, if you do well in business or study hard and become a professional, you can get rich.

The rest of the population doesn’t get sick because they starve or get the necessary vaccinations, they get an education appropriate for their age, and they own their own property.

There is no problem in implementing creative business items or good ideas.

I think that the government should do this by not infringing on individual freedom, protecting property, activating the economy by making businesses prosper more with low taxes for corporations, and creating a good environment where many people can think more creatively.