Capitalism: Misconceptions and Innovations

This chapter examines common misconceptions about capitalism and its vital role in human progress and welfare. It discusses how the ancient mindset of competition clouds understanding of the positive-sum nature of economic growth, while presenting data that shows significant improvements in human well-being over recent decades. Additionally, it highlights the relationship between free market systems and innovation, emphasizing the importance of open societies in fostering technological advancements that benefit society as a whole.