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last update: July 2007

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Ken Duncan turned his photography into a substantial operation because his attitude was not like most artists who are afraid of business.

Capitalism Requires A New Attitude About the Creation of Wealth

It's hard to imagine living in a kingdom, being someone's subject. It makes the hair stand up on the back of our necks. We Americans are so proud of our freedom, our right to choose. It should not surprise us that capitalism was born out of the Protestant reformation. Distinctions between the rich and the poor are far less meaningful when the poor have the opportunity to become rich.

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Key Ideas of this episode


1.		Capitalism is the Only Proven Path from Poverty to Prosperity
2.		The American Version Of Capitalism Has Not Been Articulated Well
3.		Many Owning A Little Is Better Than a Few Owning A Lot
4.		Business Owners Are Not Elites
5.		Capitalism Requires A New Attitude About the Creation of Wealth
6.		Struggle for Improvement Is A Moral Duty
7.		Capitalism Does Not Thrive Unfettered
8.		Capitalism Depends Upon Hard-Working People
9.		Democratic Capitalism Is A Three-Legged Stool
10.		Business Is Not About Greed
11.		Capitalism Is Good For The Soul
12.		Capitalism Is Organized Around The Mind
13.		Small Business Is The Most Important Institution In A Civil Society

Topic for Discussion: Why are market systems and ownership so important to the development of small business?

Answer: Small business is based on the willing buyer-willing seller premise. It is the market that defines the price of our goods and services. We all have competitors, other businesses selling a product or service that competes with ours. We know we have to stay on top of our game. We constantly invest in improving our products, minimizing our costs, and marketing directly to our customers. It's all very complicated! Owning a small business is like playing a very exciting, very challenging game. Unlike Monopoly, the properties and cash we accumulate are real. Wealth accumulation is one way, a very important way, in which we and others measure the success of our businesses.

You think about it: Are you accumulating wealth from your business?

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