Got a problem? Blame capitalism!

Jonah Goldberg is normally spot-in with his writing, but I particularly enjoyed this piece which also appeared in the ABQ Journal.

As Goldberg eloquently points out, capitalism is blamed for ever wrong, every human foible, and seemingly every problem humanity faces, but never gets credit for all the things that provides us and for bringing billions of Indians and Chinese out of poverty. More importantly, when capitalism is blamed, the problem is not usually “the system,” but human frailties like greed and theft that would persist regardless of what economic system we lived under.

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4 Replies to “Got a problem? Blame capitalism!”

  1. Free markets are the road to prosperity but unfortunately some rules are required to keep them functioning properly. Dominant industries don’t want to compete and resort to tactics to keep any upstarts in their place; Microsoft, Intel and other big techies are doing this now by supporting changes to our patent system which have weaken it so much that small inventors have a difficult time bringing their ideas to the market. Our financial sector too has been successful in lobbying Congress to keep their hands off derivitives in addition to removing safeguards which permitted merging of commercial banks with investment houses. All to the detriment of the American taxpayer and our economic system.

  2. Jonah Goldberg’s article was good as usual, but I wish he had not used the term “greed” the way he did–referring to greed of the capitalists and greed of the socialists.

    As any reader of Ayn Rand knows, rational self-interest is good. The word “greed” used this way is confusing to clear thinking on the proper idea of capitalism.

  3. Goldberg has another good one, but more on that later.
    I remember our capitalistic system being derided by the left as “trickle down economics”. Here is what happens when we practice such a system. As a percent of GDP Americans leads the world in giving.

    U.S. 1.67 — U.K. .73 — Canada .72 — Australia .69 —
    South Africa .64 — Rep. of Ireland .47 — Netherlands .45 — Singapore .29 — New Zealand .29 — Turkey .23 — Germany .22 — France .14

    (Source: Charities Aid Foundation report of November 2006.)

    I’m sure the culture of the top givers has something to do with this as well. Now what was it Obama was apologising for?

    Another good Goldberg piece is entitled:
    The Real Fat Cat Party

    It’s about how many big health industry companies gave to Obama’s campaign. I’m sure they knew about his single payer aspirations and are now lining up to profit from it.

    G.E., the parent of NBC (Nationwide Barak Conspiricy) has been promoting government / industry partnerships since the Swope plan (Swope, past pres. of G.E.) designed much of the New Deal.

    Now G.E. is being set up to supply “go green” windmills and National Health Care records systems for our new Government / Corporate (only ones too big to fail) economic system.

    Geeeee! Thanks big business.

    Goldberg closes with,

    “Too many Republicans think being pro-business is the same as being pro-market. They defend the status quo against bad reforms and think they’ve defended economic freedom. The status quo stinks. And the sooner Republicans learn that, the sooner they’ll deserve to win again.”

    It’s called progressive corporatism though it is really just the old fascism or the new communism, Chinese – style. Many Republicans are too in bed with it already. The Libertarians and the Tea Party people need to sharpen their November 2010 axes with this turkey in mind.

  4. @Mark R Why do say that capitalism needs more rules (ie more regulation) and then go on to point out how lobbyist make sure regulation works in their favor? You don’t see the disconnect between those two ideas?

    So, in other words, regulation is always highly influenced by lobbyists, so we need more regulation to prevent the unfair advantages that previous regulations have caused?

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