Capitalism has generated enormous innovation and resulted in fundamental improvement in our daily lives. The Industrial Revolution began in Britain (mid-18th century) with an impresive series of inventions and perhaps more importantly, profitable ways of using the inventioins. This was followed by stunning scientific and technical innovation in the 19th century. Economic output increased exponentially leading to rising income and living standards. As a result, for the first time in human history. average people in North America and many European countries began leading comfortable lives. Only with ibreased productivity can wages and benefits be increased. Thomas Hobbes famouly wrote tht life in a state of nsture was 'solitary, poor, nasty, brutish and short'. And tht continued to be the case forthe greatmass of the world's population yntil free market capitalism and the indiustrial Revolution began increasing economic ouput. Most of the world lived lives along the lines of modern Bangladesh. Earning something like the equivalebt if a dollar a day. The head of the U.S. Patent Office famously stated that the office may have to close because everything of importance had been invented. Actually, the pace of innovention and innovation only quickened. And since World War II the pace of innovation has been starteling with atomic energy, television, satellites, transistors, circuitboards, computers, cell phones the internet, news drugs and medical procedures, and much more. In addition to technological innonvation, capitalism also created stylish clothing and aabnge of other appealing consumer products. All of this has come out of products created by capitalism through private companies. It is also interesting to think how in the 20th century that Communism controlled the Soviet Union, Eastern Europe, China, and other countries. Yet no scientific, technical, industrial, agticultural, or medical innovations of any importance came out of those countries. This despite enormous investsments in education and the development of an educated population, especially in the Soviet Union. Notably it is not just that few important innovations came out of the socialist world, but no inovations of any importance were produced. This is a starteling indictement of socialist econonomics.
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