Capitalism has become a controversial idea in recent years; yet economic markets and free enterprise are responsible for lifting millions of people out of abject poverty, improving the quality of life around the world, and creating shared prosperity. Capitalism has also proven effective at sustaining global population growth and providing women with economic opportunities and freedoms.
Australia provides a clear example of the success of capitalism as an economic system. Market-oriented reforms between the 1980s and early 2000s boosted the productivity of the Australian economy and led to real growth in incomes and living standards for ordinary Australians.
Capitalism is often criticised for being environmentally unsustainable. However, as market economies continue to evolve, they become more energy-efficient and environmentally responsible. Capitalism has proven adaptive in finding solutions to human problems.
However, despite the positive record of capitalism, Millennials in Australia are becoming more sympathetic to alternative systems such as socialism. This paper is a timely reminder about the proven benefits of capitalism and the human misery caused by socialism.