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The Paradox of Capitalism and The Paradox of Socialism
"Capitalism has raised in an unprecedented way the average standard of living. Nonetheless, many people passionately loathe capitalism."—Ludwig von Mises "In capitalism, man exploits man. In socialism, it's the other way around."—Twentieth century aphorism in socialist countries of Eastern Europe SYNOPSIS In capitalism, over the more than three centuries since the beginning of the age of enlightenment and the liberal and scientific revolutions described in Chapter 6, people acting both individually and cooperatively have achieved greater productivity and prosperity than ever could have been imagined possible in preceding epochs of human history. This growth in prosperity has spread from what is known as western civilization to every part of the world where capitalism has taken root. Capitalism is not a new phenomenon. It originated in human creation of tools and labor-saving inventions and the development of agriculture. Without ever using the word "capitalism," Jacob Bronowski, in