Almost all the rhetoric of social democracy today, especially its American version, boils down to this implicit statement: “Free market capitalism is great as long as it financially supports us and our campaigns. But for you common folks, it’s a lethal poison!”
Thus, free market capitalism can be turned into a monopolized private club for billionaire sponsors, allowing them to keep enjoying its benefits, and financing certain agendas, while imposing socialism on the people. This is just to make sure the spillover effects of the free market economy will not elevate people to a position where they might dare to rise against the elite, monopolized club.
According to Forbes, two Californian billionaires supported Mamdani. Along with that, a photo of the newly-elected mayor of the Big Apple with Alex Soros—son of the renowned left-wing media tycoon, George Soros—was published in the social media, reinforcing the rumors that Soros was behind the generous donations to groups that backed Mamdani.
Adam Smith also warned about the possible crony collusion between major economic agents (large corporations) and governments operating behind closed doors. Smith specifically warned that when businesses gain significant political power through connections, they can impose regulations and policies that protect their interests at the expense of competition. This limits ordinary people’s access to opportunities, making it more difficult for them to start their own businesses and benefit from the market.
Beyond doubt, they cannot justify their intentions if they announce them to the public as they are. They would lose their political base. Therefore, they turn to collectivist, altruistic ideas such as socialism. When the intention of limiting the power of the free market in favor of political power and higher market share for the sponsors is expressed under the guise of “social justice,” few will dare to question it.
When libertarians mention the concept of free market capitalism, people often visualize the towering buildings of investment banks in London or New York, or the iconic Rockefeller Center with the Atlas sculpture in front of it. While these are certainly some of the symbols of capitalism, they do not encompass the true definition of capitalism as an economic system.
Free market capitalism does not refer to big businesses, towering buildings, or men shouting on Wall Street. Rather, it is simply a system of free and voluntary exchange based on a fundamental natural right: the right to ownership. This well-proven system has led human society to significant progress exceptional in the history of human life according to multiple measures.
Any political figure, celebrity, professor, social or climate activist, or anyone else who calls for elimination of inhibition of this system—and the spillovers it brings—cannot claim that he or she is a friend to civilized society.
The voter and civil society should always be skeptical about politicians as they do not necessarily share their true intentions with their voting base. They manipulate by promising a free lunch just to achieve political power. They come with slogans about equality and speeches on social justice and end up with limiting your freedom in practice. As Milton Friedman said: “A society that puts equality before freedom will get neither.”
