A free market responds to shortages and spurs production by rising prices. Arbitrary controls merely accept and keep the shortages. When rising prices inspire human ingenuity to invent and produce, the goods return and prices fall. Nobody knows enough to build an airplane or a computer, but hundreds of people working together perform these amazing acts of creation. Capitalism derives its name from the fact that capital is essential to the success of any venture whether it involves an individual, a corporation, or a nation-state.
Capital is formed by thrift.
The person who accumulates capital is personally rewarded and, at the same time, a public benefactor. Capitalism makes every person a trustee of what he has. It appoints him general manager of his own life and property, and it holds him responsible for that trusteeship. Church and Family Ties Capitalism is a natural ally of religion. The Judeo-Christian doctrines of stewardship and vocation are reflected in a free market economy.