Economic growth and market expansion are not ends in themselves. They only make sense as a means to achieving social goals. When it comes to the economic future of capitalism, Henry Ford – this great elder of modern capitalism – is right, while professional detractors of capitalism are not. However, Ford, like his critics, forgets that economic growth and market expansion are not ends in themselves. They only make sense as a means to achieving social goals; moreover, they show the potential and possibilities for achieving these goals. But if the prospects are illusory, the value of these means becomes questionable. Capitalism as a social order and worldview implies a belief in economic progress leading to freedom and equality among people in a society of liberty and equal opportunities. Some theorists have assessed private profit as a socially destructive factor. States based on these theories deliberately limited individual economic activity to minimize its "harmful" influence.
TIP OF THE DAY: Ensure that in your efforts to improve economic outcomes, you bring benefits to people.