This column originally appeared in an January 2015 issue of Investor CAFE. I still am a presidential fellow at Chapman University and may well do the same exercise with my current students this year to teach them about capitalism.***

“The rich have only gotten rich at the expense of the poor.” — Marxist criticism

“Capitalism is about turning luxuries into necessities.” — Andrew Carnegie

In my class at Chapman University, I do a little experiment with my students. I ask them to identify good quality products or services that are offered in the marketplace for:

— The rich
— The middle class
— The poor