Is free enterprise based on greed? Friends and foes of free
enterprise often claim greed is its basis. Writer Ayn Rand even
claimed that selfishness is a virtue (it’s not, as Hugh Whelchel
argued in a recent post). Greed, according to the Christian
tradition, is one of the seven deadly sins. If free enterprise
is based on that, then Christians can’t be capitalists or
entrepreneurs. An exploration of entrepreneurship reveals more
virtues than vices, though, and leads us to the next myth in our
series on the eight most popular myths about wealth, poverty,
and free enterprise: the Greed Myth. Myth #5: the Greed Myth –
believing that the essence of free enterprise is greed. Free
enterprise is not based on greed. The truth is much more
interesting. Rather than inspiring greed, free enterprise
encourages entrepreneurs to succeed by: - Delaying their own
gratification. - Investing their wealth in creative yet risky
ventures that may or may not pan out. - Anticipating the needs
of others: entrepreneurs must first cre