Go offline with the Player FM app!
Understanding Capitalism: Trade and Comparative Advantage
Manage episode 485450856 series 3484000
On this episode of The Hillsdale College Online Courses Podcast, Jeremiah and Juan discuss maintaining a balanced approach to free trade before introducing Dr. Charles N. Steele.
Capitalism rewards man with profit or punishes him with loss, depending on the merit of his actions. It expresses the freedom and rationality of human nature in an economic system. The capitalist system depends upon private property rights, the freedom of exchange and contract, sound money, and the rule of law that supports all of these through formal and informal structures. Such a system encourages innovation and morality along with economic prosperity.
Trade allows men who specialize in the production of one good to exchange with men who specialize in the production of another. This increases total production and wealth.
See omnystudio.com/listener for privacy information.
1509 episodes
Manage episode 485450856 series 3484000
On this episode of The Hillsdale College Online Courses Podcast, Jeremiah and Juan discuss maintaining a balanced approach to free trade before introducing Dr. Charles N. Steele.
Capitalism rewards man with profit or punishes him with loss, depending on the merit of his actions. It expresses the freedom and rationality of human nature in an economic system. The capitalist system depends upon private property rights, the freedom of exchange and contract, sound money, and the rule of law that supports all of these through formal and informal structures. Such a system encourages innovation and morality along with economic prosperity.
Trade allows men who specialize in the production of one good to exchange with men who specialize in the production of another. This increases total production and wealth.
See omnystudio.com/listener for privacy information.
1509 episodes
All episodes
×Welcome to Player FM!
Player FM is scanning the web for high-quality podcasts for you to enjoy right now. It's the best podcast app and works on Android, iPhone, and the web. Signup to sync subscriptions across devices.