I take for granted the benefits of our free markets most of the time. Right now I am sitting in a big steel building eating a delicious and quite cheap French dip sandwich and chips and apple. It’s sort of a little mall with a bunch of independent little stores. How did this come to be?
Many individuals each came together out of their own selfish profit motive to make this happen. Each one wanted to create a cool business that people like you and I would want to spend our money on. Those people did a great job creating a cozy and fun environment with delicious food and good music. The amazing thing is that you and I have this sort of experience every day all across America.
The free market is wonderful as none of the entrepreneurs who are working so hard to create this experience for us had to be coerced or forced to do it. They all did it voluntarily and with great excitement and motivation totally independent of any bureaucrat or regulation. The more central control the government takes (as in socialism), the more corruption and less motivation people will have. The less taxes and regulations we have, the more excitement and joy we all get since entrepreneurs will do their darndest to make us happy.
Ralph Althouse Can you name a business without a monopoly that makes long term profits but treats its employees or customers poorly? I know in my own businesses that if I treat my employees poorly they very quickly leave and usually damage my business, and that if I mistreat a customer they leave and usually tell others not to work with me. Conversely, if I treat my employees well, they work hard long term and my business succeeds. And that if I take care of my customers, they tell other people and spend more money with me.
Profit is the motive that drives businesses to do a fantastic job caring for customers and employees. Profit drives owners to work hard for people they otherwise would not care about. This even works for retail clerks… Most of them could care less about the store they are in or the customers that come in, but they want to make money so they do a lot of unnatural activities for us animals: show up on time, work long shifts, keep a good positive attitude, learn about whatever products are being sold, etc. Pretty amazing actually!