The Power of Ethical Capitalism

▶ The purpose of national economic development is not merely to accumulate wealth

>> Many associate economics solely with money, materialism, greed, and capital. However, these are merely superficial elements. At its core, economics concerns human nature, which inherently includes values such as freedom, equality, and diversity. Focusing solely on economic growth without considering human values is impractical. Often, the worlds most developed countries are also those that respect human values the most.

▶Capitalism cultivates human values better

>>Freedom and equal opportunity are central to the capitalist system. Many perceive capitalism as synonymous with greed and therefore at odds with noble human values, but this is a misconception. The capitalist market economy is built on respecting each individual and business, allowing each to produce, compete, and profit based on personal judgment. Moreover, a free market requires a fair legal system to ensure the protection of individual property and fair arbitration.

▶Capitalism requires improvement, not abolition.

>>Historically, countries that rejected the capitalist free market system, like the Soviet Union and China, have been far removed from humanistic values. Poverty, famine, and strife have been frequent in their histories. Even today, there is a tendency towards moral decline in these societies. While free market is not without its flaws-market failures, economic instability, and income inequality are common criticisms-it remains central to our societal values. Therefore, we should consider how to refine capitalism, rather than abolish it.