Fallacies about Capitalism

            There are two fallacies about capitalism that I think are common. The first goes like this. Communism is collective ownership. The opposite of collective ownership is private ownership. Communism is bad. Therefore, entirely private ownership is good. This is obviously a false conclusion. Because one thing is bad, therefore we cannot conclude that opposite of that thing is good. This is used to justify privatization of services run by the government, but sometimes public services are preferable to private services.

            The second argument goes like this: capitalism outlasted communism. So, capitalism will go on forever. Alternatively, capitalism outlasted communism and communism was flawed, therefore capitalism is perfect. Both of these arguments are similarly misguided. Just because capitalism outlasted communism, does not mean that capitalism will go on forever. Despite capitalism being more effective than communism, capitalism is not perfect.