"It was not greed that made capitalism successful; it was nearly the opposite. It was the sharing of profits with all who sold the product."
"The word capitalism was coined in the 1700s. The definition was vague. It generally meant “private property traded freely” or “free markets.” However, most non-totalitarian countries had free markets, and these countries in Europe and elsewhere were not particularly wealthy. Their rural people were paupers living off the land, even in England, France, and the U.S. at our founding.
"We generally regard capitalism as creating wealth, but free markets are not what created the enormous wealth that occurred in the United States. I knew that and studied our economic history to find out: If it was not free markets, what was it? What specifically were the mechanics of “our capitalism” that created such wealth?
"I found the answer. However, I also learned that capitalism cannot be taught without properly defining wealth.
"Wealth of a nation is its amount of usable goods. I use the term usable goods to exclude paintings and other speculative items. Poverty is a lack of usable goods, such as clothes or food. A large supply of usable goods brings prices down and reduces poverty. We became wealthy because we produced an enormous amount of usable goods. But how did that happen?
"Usable goods are created by factories. It is not the amount we pay factory workers that is important; it is the millions of hammers, shoes, and vehicles they produce that create wealth. Farmers and utility workers can be included with factory workers who produce usable goods for millions of people. " . . . More...
James T. Moodey in his youth as a Grand Canyon river guide, progressed from running technical rapids into two technical careers: Relocating factories, which may be the most complex of business problems, and owning a company with a Weights and Measures gas physics laboratory. He relies not upon his university economics degree; but, upon thirty-five years of private sector experience where he says, "The real learning begins." He clearly explains the precise causes of poverty. As a result, his solutions become obvious and easy to understand.
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