Understanding Capitalism: Prosperity, Morality, and Freedom
On this episode of The Hillsdale College Online Courses Podcast, Jeremiah and Juan discuss the spiritual elements of capitalism before introducing Dr. Charles N. Steele. Capitalism rewards man with profit or punishes him with loss, depending on the merit of his actions. It expresses the freedom and rationality of human nature in an economic system. The capitalist system depends upon private property rights, the freedom of exchange and contract, sound money, and the rule of law that supports all of these through formal and informal structures. Such a system encourages innovation and morality along with economic prosperity. Capitalism is not the simple pursuit of profit without regard for moral restraints. Capitalism produces wealth by serving the desires of society. A moral and free society will reward good economic activity, which in turn creates prosperity for the people.See omnystudio.com/listener for privacy information.
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24:37
Understanding Capitalism: Trade and Comparative Advantage
On this episode of The Hillsdale College Online Courses Podcast, Jeremiah and Juan discuss maintaining a balanced approach to free trade before introducing Dr. Charles N. Steele. Capitalism rewards man with profit or punishes him with loss, depending on the merit of his actions. It expresses the freedom and rationality of human nature in an economic system. The capitalist system depends upon private property rights, the freedom of exchange and contract, sound money, and the rule of law that supports all of these through formal and informal structures. Such a system encourages innovation and morality along with economic prosperity. Trade allows men who specialize in the production of one good to exchange with men who specialize in the production of another. This increases total production and wealth.See omnystudio.com/listener for privacy information.
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26:32
Understanding Capitalism: Economies of Scale and Scope
On this episode of The Hillsdale College Online Courses Podcast, Jeremiah and Juan discuss the difficulties of running a small business before introducing Dr. Charles N. Steele. Capitalism rewards man with profit or punishes him with loss, depending on the merit of his actions. It expresses the freedom and rationality of human nature in an economic system. The capitalist system depends upon private property rights, the freedom of exchange and contract, sound money, and the rule of law that supports all of these through formal and informal structures. Such a system encourages innovation and morality along with economic prosperity. Large operations tend to be more efficient at production, but they require greater investments in management and organization. Individuals and corporations maximize their efficiency by balancing the proper size and scope of their endeavors.See omnystudio.com/listener for privacy information.
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23:55
Understanding Capitalism: Production and the Division of Labor
On this episode of The Hillsdale College Online Courses Podcast, Jeremiah and Juan discuss the division of labor before introducing Dr. Charles N. Steele. Capitalism rewards man with profit or punishes him with loss, depending on the merit of his actions. It expresses the freedom and rationality of human nature in an economic system. The capitalist system depends upon private property rights, the freedom of exchange and contract, sound money, and the rule of law that supports all of these through formal and informal structures. Such a system encourages innovation and morality along with economic prosperity. Economic production refers to the production of value. As human innovation creates new forms of value, a division of labor emerges to meet the demand for these new goods and services.See omnystudio.com/listener for privacy information.
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22:38
Understanding Capitalism: Profit, Loss, and the Economic Structure of Society
On this episode of The Hillsdale College Online Courses Podcast, Jeremiah and Juan discuss the power of economic indicators before introducing Dr. Charles N. Steele. Capitalism rewards man with profit or punishes him with loss, depending on the merit of his actions. It expresses the freedom and rationality of human nature in an economic system. The capitalist system depends upon private property rights, the freedom of exchange and contract, sound money, and the rule of law that supports all of these through formal and informal structures. Such a system encourages innovation and morality along with economic prosperity. Profit and loss are economic indicators of the success of our choices. In a free society, responsible choices produce profit while irresponsible actions incur loss.See omnystudio.com/listener for privacy information.
About The Hillsdale College Online Courses Podcast
Hillsdale College was founded in 1844 with a mission to provide "all who wish to learn" the education necessary to preserve the civil and religious liberties of America. This Podcast, hosted by Hillsdale Online Learning Directors Kyle Murnen and Juan Davalos, expands that mission to a whole new audience. The Hillsdale Online Courses Podcast brings free, full online courses to your podcast feed, with introductory commentary.
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