Tuesday, December 31, 2013

Martin Luther King, Jr. - Thoughts On Capitalism (1952)

Martin Luther King, Jr. and Coretta Scott met in January of 1952. In a letter to Coretta in July, 1952, MLK shared a few thoughts about capitalism:

"I imagine you already know that I am much more socialistic in my economic theory than capitalistic. And yet I am not so opposed to capitalism that I have failed to see its relative merits. It started out with a noble and high motive, viz., to block the trade monopolies of nobles, but like most human systems it fell victim to the very thing it was revolting against. So today capitalism has out-lived its usefulness. It has brought about a system that takes necessities from the masses to give luxuries to the classes."

Source: page 36 in The Autobiography of Martin Luther King, Jr. Edited by Clayborne Carson (1998). Grand Central Publishing.

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