TED Talks Daily What capitalism gets right -- and governments get wrong | Katherine Mangu-Ward
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Sep 2, 2022 Katherine Mangu-Ward, a journalist known for her advocacy of free markets, argues that unrestrained innovation is crucial for progress. She challenges common criticisms of capitalism, emphasizing how failures are essential to rejuvenate markets. Mangu-Ward analyzes General Motors and Facebook, showing how government intervention often complicates corporate successes. She advocates for a system where creativity flourishes without excessive regulation, suggesting that the 'weirdos' of the market are our best hope for the future.
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Capitalism's Impact
- Capitalism's success isn't coincidental; it's linked to rising life expectancies and reduced poverty.
- Focus on capitalism's real-world impact, like electricity and mobile phones, not just theories.
Governments vs. Innovation
- Governments dislike both the birth of new things and the death of old ones in capitalism.
- Weirdos with new ideas drive progress, even if most new ideas fail.
General Motors and Government Intervention
- General Motors, a Fortune 500 mainstay, benefited from government intervention, including eminent domain for a factory.
- The government bailed out GM in 2008, preventing market forces from dismantling it.