The anti-capitalists contend that the market fosters whatever has the broadest appeal, even when the lowest common denominator indulges our basest appetites.

Defenders of freedom and markets tend to fall back on one of two strategies: either explaining why capitalism’s apparent vice is really a virtue (would we really prefer a system in which a self-selected elite got to plan the supply independent of demand?), or championing the products impugned by capitalism’s critics.

Ludwig von Mises took the first position. In The Anti-Capitalistic Mentality, he defended the popularity of detective stories not because of any inherent virtue in the genre but because murder mysteries were what the reading public wanted, whether or not the literati approved of their preferences.

Attempts at the second approach include compelling defenses of car culture, panegyrics to the Twinkie, even praise for shoddy products.

Some targets of disparagement, however, deserve a third approach.

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Does capitalism make us dumb?Read More »