We know that investment causes growth. But it is also true that growth causes investment.

Capitalism, in contrast, has existed for fewer than 300 years. If the entire history of Homo sapiens was a 24-hour day, then capitalism has existed for two minutes.

One of the glaring failures of capitalism is the continuing widespread existence of poverty - often extreme poverty. Even in the advanced economies, many millions of people endure terrible economic and social deprivation, despite the incredible wealth all around them.

Everyone has an interest in the economy: in how it functions, how well it functions, and in whose interests it functions.

Competition-ruthless, unforgiving, to-the-death competition-is a crucial feature of capitalism.

Like a forensic accountant trying to solve a corporate fraud, following the trail of money around the circle is a good way to understand what actually happens as capitalism unfolds.

With joint-stock corporations, investors can place bets on the success of many different companies, without having to play a central management role in any one of them. This allows investors to diversify their financial holdings. It also allows them to capture profits on their investments, without having to get involved in the dirty, troublesome business of actually running a company.