The dirty secret of capitalism — and a new way forward | Nick Hanauer

The dirty secret of capitalism — and a new way forward | Nick Hanauer


I am a capitalist, and after a 30-year career in capitalism spanning three dozen companies, generating tens of billions
of dollars in market value, I’m not just in the top one percent,
I’m in the top .01 percent of all earners. Today, I have come
to share the secrets of our success, because rich capitalists like me
have never been richer. So the question is, how do we do it? How do we manage to grab an ever-increasing share
of the economic pie every year? Is it that rich people are smarter
than we were 30 years ago? Is it that we’re working harder
than we once did? Are we taller, better looking? Sadly, no. It all comes down to just one thing: economics. Because, here’s the dirty secret. There was a time
in which the economics profession worked in the public interest, but in the neoliberal era, today, they work only for big corporations and billionaires, and that is creating
a little bit of a problem. We could choose to enact economic policies that raise taxes on the rich, regulate powerful corporations
or raise wages for workers. We have done it before. But neoliberal economists would warn that all of these policies
would be a terrible mistake, because raising taxes
always kills economic growth, and any form of government regulation is inefficient, and raising wages always kills jobs. Well, as a consequence of that thinking, over the last 30 years, in the USA alone, the top one percent has grown
21 trillion dollars richer while the bottom 50 percent
have grown 900 billion dollars poorer, a pattern of widening inequality
that has largely repeated itself across the world. And yet, as middle class families
struggle to get by on wages that have not budged
in about 40 years, neoliberal economists continue to warn
that the only reasonable response to the painful dislocations
of austerity and globalization is even more austerity and globalization. So, what is a society to do? Well, it’s super clear to me
what we need to do. We need a new economics. So, economics has been described
as the dismal science, and for good reason,
because as much as it is taught today, it isn’t a science at all, in spite of all
of the dazzling mathematics. In fact, a growing number
of academics and practitioners have concluded that neoliberal
economic theory is dangerously wrong and that today’s growing crises
of rising inequality and growing political instability are the direct result
of decades of bad economic theory. What we now know is that the economics
that made me so rich isn’t just wrong, it’s backwards, because it turns out it isn’t capital
that creates economic growth, it’s people; and it isn’t self-interest
that promotes the public good, it’s reciprocity; and it isn’t competition
that produces our prosperity, it’s cooperation. What we can now see is that an economics
that is neither just nor inclusive can never sustain the high levels
of social cooperation necessary to enable
a modern society to thrive. So where did we go wrong? Well, it turns out
that it’s become painfully obvious that the fundamental assumptions
that undergird neoliberal economic theory are just objectively false, and so today first I want to take you
through some of those mistaken assumptions and then after describe where the science
suggests prosperity actually comes from. So, neoliberal economic
assumption number one is that the market is
an efficient equilibrium system, which basically means that if one thing
in the economy, like wages, goes up, another thing in the economy,
like jobs, must go down. So for example, in Seattle, where I live, when in 2014 we passed
our nation’s first 15 dollar minimum wage, the neoliberals freaked out
over their precious equilibrium. “If you raise the price
of labor,” they warned, “businesses will purchase less of it. Thousands of low-wage workers
will lose their jobs. The restaurants will close.” Except … they didn’t. The unemployment rate fell dramatically. The restaurant business in Seattle boomed. Why? Because there is no equilibrium. Because raising wages
doesn’t kill jobs, it creates them; because, for instance, when restaurant owners are suddenly
required to pay restaurant workers enough so that now even they
can afford to eat in restaurants, it doesn’t shrink the restaurant business, it grows it, obviously. (Applause) Thank you. The second assumption is that the price of something
is always equal to its value, which basically means
that if you earn 50,000 dollars a year and I earn 50 million dollars a year, that’s because I produce
a thousand times as much value as you. Now, it will not surprise you to learn that this is a very comforting assumption if you’re a CEO paying yourself
50 million dollars a year but paying your workers poverty wages. But please, take it from somebody
who has run dozens of businesses: this is nonsense. People are not paid what they are worth. They are paid what they have
the power to negotiate, and wages’ falling share of GDP is not because workers
have become less productive but because employers
have become more powerful. And — (Applause) And by pretending that the giant imbalance
in power between capital and labor doesn’t exist, neoliberal economic theory
became essentially a protection racket for the rich. The third assumption,
and by far the most pernicious, is a behavioral model that describes human beings
as something called “homo economicus,” which basically means
that we are all perfectly selfish, perfectly rational
and relentlessly self-maximizing. But just ask yourselves, is it plausible that every single time
for your entire life, when you did something
nice for somebody else, all you were doing
was maximizing your own utility? Is it plausible that when a soldier jumps
on a grenade to defend fellow soldiers, they’re just promoting
their narrow self-interest? If you think that’s nuts, contrary to any reasonable
moral intuition, that’s because it is and, according to the latest science, not true. But it is this behavioral model which is at the cold, cruel heart
of neoliberal economics, and it is as morally corrosive as it is scientifically wrong because, if we accept at face value that humans are fundamentally selfish, and then we look around the world at all of the unambiguous
prosperity in it, then it follows logically, then it must be true by definition, that billions of individual
acts of selfishness magically transubstantiate
into prosperity and the common good. If we humans are merely
selfish maximizers, then selfishness
is the cause of our prosperity. Under this economic logic, greed is good, widening inequality is efficient, and the only purpose of the corporation can be to enrich shareholders, because to do otherwise
would be to slow economic growth and harm the economy overall. And it is this gospel of selfishness which forms the ideological cornerstone
of neoliberal economics, a way of thinking
which has produced economic policies which have enabled me and my rich buddies
in the top one percent to grab virtually all of the benefits
of growth over the last 40 years. But, if instead we accept the latest empirical research, real science, which correctly
describes human beings as highly cooperative, reciprocal and intuitively moral creatures, then it follows logically that it must be cooperation and not selfishness that is the cause of our prosperity, and it isn’t our self-interest but rather our inherent reciprocity that is humanity’s economic superpower. So at the heart of this new economics is a story about ourselves that grants us
permission to be our best selves, and, unlike the old economics, this is a story that is virtuous and also has the virtue of being true. Now, I want to emphasize
that this new economics is not something I have personally
imagined or invented. Its theories and models
are being developed and refined in universities around the world building on some of the best
new research in economics, complexity theory, evolutionary theory, psychology, anthropology
and other disciplines. And although this new economics
does not yet have its own textbook or even a commonly agreed upon name, in broad strokes its explanation of where prosperity
comes from goes something like this. So, market capitalism
is an evolutionary system in which prosperity emerges through a positive feedback loop between increasing amounts of innovation
and increasing amounts of consumer demand. Innovation is the process
by which we solve human problems, consumer demand is the mechanism
through which the market selects for useful innovations, and as we solve more problems,
we become more prosperous. But as we become more prosperous, our problems and solutions become more complex, and this increasing technical complexity requires ever higher levels
of social and economic cooperation in order to produce
the more highly specialized products that define a modern economy. Now, the old economics
is correct, of course, that competition plays a crucial role
in how markets work, but what it fails to see is that it is largely a competition
between highly cooperative groups — competition between firms,
competition between networks of firms, competition between nations — and anyone who has ever run
a successful business knows that building a cooperative team
by including the talents of everyone is almost always a better strategy
than just a bunch of selfish jerks. So how do we leave neoliberalism behind and build a more sustainable,
more prosperous and more equitable society? The new economics suggests
just five rules of thumb. First is that successful economies
are not jungles, they’re gardens, which is to say that markets, like gardens, must be tended, that the market is the greatest
social technology ever invented for solving human problems, but unconstrained by social norms
or democratic regulation, markets inevitably create
more problems than they solve. Climate change, the great financial crisis of 2008 are two easy examples. The second rule is that inclusion creates economic growth. So the neoliberal idea that inclusion is this fancy luxury to be afforded if and when we have growth
is both wrong and backwards. The economy is people. Including more people in more ways is what causes economic growth
in market economies. The third principle is the purpose of the corporation
is not merely to enrich shareholders. The greatest grift
in contemporary economic life is the neoliberal idea that
the only purpose of the corporation and the only responsibility of executives is to enrich themselves and shareholders. The new economics must and can insist that the purpose of the corporation is to improve the welfare
of all stakeholders: customers, workers, community and shareholders alike. Rule four: greed is not good. Being rapacious
doesn’t make you a capitalist, it makes you a sociopath. (Laughter) (Applause) And in an economy as dependent
upon cooperation at scale as ours, sociopathy is as bad for business
as it is for society. And fifth and finally, unlike the laws of physics, the laws of economics are a choice. Now, neoliberal economic theory has sold itself to you
as unchangeable natural law, when in fact it’s social norms
and constructed narratives based on pseudoscience. If we truly want a more equitable, more prosperous
and more sustainable economy, if we want high-functioning democracies and civil society, we must have a new economics. And here’s the good news: if we want a new economics, all we have to do is choose to have it. Thank you. (Applause) Moderator: So Nick,
I’m sure you get this question a lot. If you’re so unhappy
with the economic system, why not just give all your money away
and join the 99 percent? Nick Hanauer: Yeah, no, yes, right. You get that a lot. You get that a lot. “If you care so much about taxes,
why don’t you pay more, and if you care so much about wages,
why don’t you pay more?” And I could do that. The problem is, it doesn’t make that much difference, and I have discovered a strategy that works literally
a hundred thousand times better — Moderator: OK. NH: which is to use my money
to build narratives and to pass laws that will require
all the other rich people to pay taxes and pay their workers better. (Applause) And so, for example, the 15-dollar minimum wage
that we cooked up has now affected 30 million workers. So that works better. Moderator: That’s great. If you change your mind,
we’ll find some takers for you. NH: OK. Thank you.
Moderator: Thank you very much.

Author: Kennedi Daugherty

100 thoughts on “The dirty secret of capitalism — and a new way forward | Nick Hanauer

  1. This pisses me off. These rich people who preach: "Yeah, I'm rich but I hate myself so please don't boycott my business or say mean things about me on twitter." This asshat probably donates to the Bill and Melinda Gates Foundation to send billions of condoms to Africa. "Oh look at me. I care about those poor black people so I'm gonna 'help' with their AIDS epidemic" Except that it does the exact opposite and the really sick thing is that they know that..

  2. He is lying! Seattle had many business closures. Fast food restaurants brought in automated kiosks to replace some workers. Workers not fired lost tips, hours , benefits and ended up for many worse off. Restaurants have a very narrow profit margin. As did many other businesses . He is seriously distorting the truth !

  3. problem is that everyone wants to live like a millionaire. Cell phones, cable tv, internet, bmws . It adds up to more than you make.

  4. your hourly worth is, by definition, equal to exactly what you earn. And you have complete control of what you earn. Not the government. Capitalism rewards those willing to invest in themselves. Capitalism also rewards those willing to risk their capital. That is what builds great wealth

  5. The man speaks the truth, I can't believe that the people who vote, who make policy, can't see this simple truth …

  6. Anyone who’s taken even an intro semester of economics will know that what he’s describing as “neoliberal economics” actually has no basis in any economic theory. He’s creating a straw man. Tsk tsk.

  7. Capitalism comes to it's logical conclusion because workers squeezed to maximize profit for the wealthy are also consumers who can no longer afford to buy.

  8. He may have billions, but as the saying goes, he has more money than brains.

    His argument is absurd. The reason that we are wired to be cooperative is itself selfishly motivated. Our individual organism stands a better chance of survival when it cooperates with others than when it stands alone. So cooperating is selfish.

    We do it because it brings safety within the herd. Don't listen to this dude just because he has money.

  9. Nice enough guy with his heart in the right place, but $15 minimum wage and a narrative with plutocrats and a hopelessly corrupt and indebted US govt is shifting the deck chairs on the Titanic. The solution is democratic socialist cooperatives see Richard Woolf, Chris Hedges and even Jeremy Corbyn is talking up a lightweight version of it. There is also the problem of the environment collapsing which is past the point of no return. Cue economic collapse ie a real depression, WW3, famine, plague and fake solutions for a truly desperate world courtesy of the next Anti-Christ and his magician sidekick The False Prophet. Once that’s over with the real new messiah will return and what’s left of the world population will begin the Golden Age led by a chastened China, Russia and India. The Western Empire has had its 500 years, its rapidly coming to an end.

  10. Everyone watching this needs to post it on their social media so the word gets spread.
    Unless you are someone that thinks that 2% of the planets population having 80% of the planets wealth is okay……

  11. This should have millions of views and should be taught at school level.

    P.S
    Deeper you dig in whatever idea you end up with moral and values, parents of an attitude.
    And attitude is what changes approach. New approach to economics (not derived from liberal-capitalism, with its "neo" crap that actually reverberates the same cause of same approach) might actually change the life we live.
    I know it's not gonna happen but at least we can eat our own dreams.

  12. A capitalist virtue signalling about socialism. Gardens are controlled agriculture and jungles grow freely. Agriculture causes problems as well. Free market has to remain free. If you abuse the natural order too much, we should simply behead you and donate your earnings to charity. How’s that for sociopathy?

  13. I wonder how much of this champagne socialist ill goten millions used to promote
    this utopia , he can start by paying me hundred pounds an hour to dish dish out his money to the poor , tbat will help balance things out a little bit ,or is this a case of do what I say , not what I do .

  14. I like how he seems to think the 101 and 102 economics that he learned is somehow the entire actual science of economics. Everything he states is from the simplified system to START an education in economics. Literally everything above that is learning how to get beyond the baseline theory that wills away huge swaths of reality so you can get a grasp on basic ideas in a semester. Modeling the economy is massively complex task and getting closer to reality is the entire goal of the science.

  15. Almost had me until he mentioned the 15 min wage. It WILL kill jobs. And he cant know that yet, as the law is not 15$ until 2023. Look it up.

  16. So . . . he can't use his money to reform policy AND pay higher wages, fairer taxes? The false dichotomy: a logical fallacy beloved of neoliberals, a version of the zero-sum thinking he attacks at the beginning.

  17. God described these neo liberal economists ….wolves..along with Zionism….it represents the greatest threat to humanity

  18. The guy didnt make any sense at all… why would raising wages increase jobs? If lets say a car manuchacturer has high costs he might go bankrupt because the competitiom abroad has far lower wages.. so lets say then the company goes broke and 10 000 people lose their jobs.. where do the new jobs come from? Will these unemployed people go look for restaurants? Maybe at first they will because of more free time but they wont have much to spend

  19. “When restaurant owners are suddenly required to pay restaurant workers enough that now even they can afford to eat at restaurants, doesn’t shrink the restaurant business, it grows it! Obviously!”

    Also, if Lamborghini is suddenly required to pay their assembly line workers enough that even they can afford to buy a Lamborghini, it doesn’t shrink the luxury car business, it grows it! Obviously!
    We clearly need $500/hr minimum wage, and let all business grow!

  20. lost me in the first 2 minutes. there was a time when economics worked in the public interest? "for everyone"? seriously?

  21. I study economics. I'm in my 30's and make less than $100k. I'm not funded by any corporations. Taxation is a threat of violence for money. If there were no taxation we would all be wealthier. Wealth is not a pie that is divided. Wealth is created. This guy is tyrant.

  22. His analysis is bullshit.
    Competing economic theories are decades old. The fact the the well-discredited trickle-up wealth extraction and aggregation rackets dominate is due to the increasing power of the wealthy to engage in the cronyCorpiratist wealth protection racket.

    Corrupt, interest-conflicted influence-peddlers colluding with the wealthy contaminate both the laws/regulations/policies and the very political process itself ensuring that only the grifters/grafters who are prepared to dishonour their public offices and commit breach-of-trust and derelection of duty-of-care and criminal negligence and fraud against the public are (s)elected.

    Just consider "Citizens United" – the law which actively promotes unlimited corpirate interference in the political process….
    The very name and essence is a giant smirk and middle finger to the public.

    Corpirate superpersonhood is toxic as well. What used to be "liability limitation" as a mechanism to encourage wealth to come out of hoarding and into socially / economicaly productive organizational structures has been metastasized into large scale liability-evasion, tax-evasion, externalizations of risk cost harm into TheCommons.

  23. Is that why the 'homeless' in Seattle are so well looked after that they enjoy defecating in the streets, LITERALLY?
    How about if you 1% of the 1% do some ACTUAL good with your wealth? Hmmm?

  24. Love the virtue signaling of the woke .01% setting up straw-man simplifications of capitalism and then burning them down with slogans from the occupy wall street crowd. The best part was him explaining why he doesn't give all his ill-gotten gain away. ( I would have asked why he ever accumulated it in the first place.) He gives the same answer as the progressive politicians, I know better what to do with the money than the poor oppressed masses do. Spare me from another elite come to save me from a system that made him one.

  25. There is no equilibrium? I call B.S.

    There IS, BUT ITS NOT STATE WIDE, its global. When you raise wages in one area the shift is felt in all areas that are able to interact with that new standard… Yes, that includes other countries as well.

    Address the concept of "exchange rates" and then be honest about THAT, that'd be interesting. This is still just a dumbed down "economics" talk that doesn't want to admit to the true nature of wealth.

    Wealth is no different than a war, you're maximizing for your own and your allies, and the cost of the neutral and enemy. Nothing wrong with this of course, but unless you start with that, you're twisting and sugar coating… And we all know just how honest that is.

  26. Money makes money not effort. So only the rich get rich usualy. The only difference between capitalism and communism is that with capitalism there is a race to see who owns it ALL. And that race is almost done. And then total control= N W O.

  27. No one is promoting this new economics. The Labour and the Liberal party talks something similar but they are shouted down as unreal at best and communists at worse. So, no chance of this going forward for the time being,

  28. Thank you. A lot to think about. I've been thinking about why the cost of housing is as high as it is. It occurred to me that much of the property is being bought up by fewer people. Perhaps if individuals were limited to how many homes they can own, there would be so much speculation in the market. There are a few things we all need and housing is one of them. Maybe there should even be a limit on how many apartments a person or corporation can own.

  29. Nick Hanauer is good at giving Ted talks. However, Ralph Nader (a proper activist) once mentioned having got in touch with him to see whether the two might be able to work together. Hanauer never got back to him.

  30. This is the dirty secret of centralized power – not capitalism
    Central banks pervert markets
    Marxists WANT central banks
    Its a way to control economies as it controls governments
    Nothing to do with capitalism and everything to do with humans seeking power to control
    End the fed
    End the IMF
    End central banking and FAKE money
    Dont blame the mutual exchange of goods and services – blame those who PRINT WORTHLESS CURRENCY

  31. This guy is an idiot. Or worse. He doesn't mention the real issue. What he says about raising the minimum wage is total bunk.

  32. Show us your mettle, Nick. Be the first and only billionaire to endorse Bernie Sanders. That would make a splash. Audition for a cabinet post in a Sanders administration.

  33. Forcing restaurant owners to pay higher wages actually helps the restaurant business? That's when I tuned this guy out. I would love to know the answer to human greed. Well I do know the answer, but not too many out there want to believe in God or live by the golden rule anymore. So there you have it, according to me. Without God, everything goes straight down the dumper.

  34. When you devalue people by paying them according to what they can do other than according to the time they give up from their own families, interests, and lives to work to make you rich then you create a system of inequality that breeds poverty while lining your own pockets with gold.

  35. So this guy is a sociopath because he got rich in the old economy? I don't know if you want to listen to a sociopath.

  36. 1.Get rid of the Central bank.2.Start issuing interest free money.3.Put back Glass-Stegal in place.4.Have politicians elected based on social credit score system,not money.
    Nick Hanauer is a wealthy, Seattle-based investor, author, and progressive activist who thinks significantly raising taxes on the rich will help correct structural deficiencies in the economy.He is a scam artist.

  37. If we want a new economics we just need to "choose" it. WOW, what crap!
    You can't "choose" which economics you want. Economics is a scientific model to basically explain money in a society. You can't "choose."

    Now I see why he started his talk with his BS on how economics is not a science. It's because he wanted to introduce a religion of economics. If we all just hold hands and BELIEVE then it will be so.

  38. Great points….now the problem should be to convince the government. The Chinese Government seems to be in the right track in involving more people with the BRI projects. I hope that BIG countries joint in to influence it financially, socially, and democratically,

  39. Revolt.. have-nots of the world don't have kids. The elites can breed their own toilet scrubbers. Why bring a future looser into a rigged game.

  40. There is no aspect of other people's incomes and wealth that could improve or decrease your quality of life. Yet it is a very appealing feeling, envy, that nourishes a false hope for those who struggle to sway their opinion in favor of those who feed it.
    There is only one substantial change that can help people who are unable to go at life's pace, and it is to reimagine our education "system" to accommodate the realities of our life, and better prepare people to cope with the elementary that they fancy rigged match.

  41. The restaurant boom in Seattle is a house of cards propped up by a strong economy. When things slow down the hospitality industry is always hot the hardest.

    There are so many terrible leaps in logic in this video. Just goes to show that intelligence is not required for economic success.

  42. Many people think that this new market theories are from the left and give us a glimpse of a dark socialist society, but the reality is that for the one percenters a more equitable society, a more responsible society, also helps them, for they habit this planet too.. Capitalism as it is thought now is not only making these disparities worse, is consuming our non renewable resources rapidly, in exchange for few egotistical moments. No one is proposing to eradicate a market economy, i believe all of us enjoy the benefits of our intelligent phones or our ego trips with the nice jeans, however the planet as small ecosystem can not sustain the delusional growth invented in the minds of “Chicago style economists” and something must be done, and we must start with this extremes.

  43. If everyone were a billionaire, then we would be poorer than Africans in Zimbabwe, because they are all trillionaires.

  44. All the rich 1% who used Capitalism to get rich are liberal socialists who rail against Capitalism.
    Capitalism rises people out of poverty. This is why the liberal elite rail against Capitalism. The elites need us to stay down. The elite globalist socialists need you all below them.

  45. The best slave is one that doesn't know he's a slave. So that's why the rich must have it's cheap slaves. They do not realize they are slaves but they are. I am a slave.

  46. "Greed is not good. Being rapacious doesn't make you a capitalist, it makes you a sociopath" Say it again for the Libertarians, and again and again.

  47. More Ted socialist propaganda. Sure, reduce protectionism – but to conflate this with "collectivism is virtuous" is misguided and conveniently forgets that over 100 million people lost their lives to that experiment last century, comrade.

  48. Who''d of thought… we allowed individuals to accumulate infinite sums of power (Money) that they used to create a system that only benefits themselves. How could this have gone wrong?

  49. Nice speech, however, you can't solve the problem from the same level of consciousnenss that created it (Einstein), and sadly his solution is still at the same level as the neoliberals. The way I see it, in this era where labors are facing massive substitutions from the machines, only when passive income becomes a norm for the labors, capitalism might dig out of the hole it created.

  50. One reason there is a "shareholder" supremacy model is because shareholder will simply not stay with a dropping stock (for long), this would simply be imperilling, significantly, their own existence and viability, not simply a temporary state of affairs, especially if shareholders were expected to regular stay with dropping stocks or unperforming stocks compared to others who put stock price first… kind of like life putting oxygen ahead of everything citing a basic law that oxygen is necessary for anything to occur. Many outside the 1% rely on stocks to float their childrens' education and their own pensions. There is also constant "rainy day" factor that underlies all of profit maximization in owners and investors, consolidating what you have in the present through increased investment and growth as a hedge against unforeseen circumstances. It would also open the door to bad companies being allowed to prosper long enough to bankrupt all those who invested in them, create a culture where it would be hard to distinguish between relatively honest and dishonest players. People will always be drawn to high performing stocks ahead of low return (that's the human nature part of the formula that would be hard to change simply by cultural or coventional means). Removing the stock incentive from CEO compensation might put a dent in this but probably not change the culture that much.

  51. If I want to start a business (say a lawn mowing business) I first have to invest money (Capital) to acquire the equipment. Isn't this capitalism?

  52. " It isn't c a p i t a l that creates economic growth- it 's p e o p l e " – This is what was taught at school 30 years ago in the USSR, Socialist GDR ( German Democratic Republic) , socialist Poland, socialist Czechoslovakia, socialist Hungary etc…

  53. Con pushing Marxism because he's at the top and does want true free markets. Remove their strong-arm gun enforcers thugs and they have no real power. (governments)
    Anarcho-Capitalism is the only true way.

  54. What happned in Chile these past few days is EXACTLY the consequence of what Nick explained so well in this talk. The pitchforks arrived in Chile, and today we are able to understand why. I only wish our government, congressmen, rulemakers and capitalists would have seen this talk 20 years ago. I guess it is never to late and we are starting to pave the way for a better future.

  55. Nobody is saying that greed is good, greed is simply being used to create prosperity. There are top 1% in everything – sports, science, surgeons. Also, intuitively moral creatures? Really? Science does not need to look that far in the past, 20th century is fool of intuitive morals in action, most bloody of those performed by people who believed in cooperation and morality. Ignoring that selfishness exists, just waving it away cause its politically correct to say that people are somehow inherently good despite what any history book tells us – this isnt our self interest. Socialism was also developed in universities ,and it totally failed. I guess it is now attempted again by rebranding it. Capitalism is not a perfect system , it has flaws, but it works, pseudo science or not. Socialism does not work ,never will. It creates pestilence, not prosperity.

  56. Deuteronomy 15:7-11
    "If there is a poor man with you, one of your brothers, in any of your towns in your land which the LORD your God is giving you, you shall not harden your heart, nor close your hand from your poor brother; but you shall freely open your hand to him, and shall generously lend him sufficient for his need in whatever he lacks. Beware that there is no base thought in your heart, saying, 'The seventh year, the year of remission, is near,' and your eye is hostile toward your poor brother, and you give him nothing; then he may cry to the LORD against you, and it will be a sin in you. You shall generously give to him, and your heart shall not be grieved when you give to him, because for this thing the LORD your God will bless you in all your work and in all your undertakings. For the poor will never cease to be in the land; therefore I command you, saying, 'You shall freely open your hand to your brother, to your needy and poor in your land.'"

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