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The single greatest benefit that capitalism provides is that it enables human choice. Capitalism establishes a social contract that makes it possible for individuals to exercise their franchise and free agency. It gives people the ability to be secure in themselves and their possessions and, having provided security, it enables people to assume risk that they were previously unwilling to assume. It creates the necessary conditions for people to escape poverty and create wealth for themselves and for others.
Read a quotation by Roger Butters, a twenty-first-century economist.
Both Adam Smith and Butters would agree that capitalism
allows the government to help individuals.
protects workers from unfair practices.
provides individuals with freedom of choice.
helps entrepreneurs avoid risk and danger.
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provides individuals with freedom of choice.
Both passages emphasize individual freedom and agency: Butters explicitly says capitalism "enables human choice," and Adam Smith argued that allowing individuals to pursue their own interests within a market leads to beneficial outcomes.
Both passages emphasize individual freedom and agency: Butters explicitly says capitalism "enables human choice," and Adam Smith argued that allowing individuals to pursue their own interests within a market leads to beneficial outcomes.
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