Why Capitalism Has an Image Problem
Charles Murray examines the cloud now hanging over American business—and what today’s capitalists can do about it.
http://online.wsj.com/article/SB10000872396390443931404577549223178294822.html?mod=googlenews_wsj
I got no idea who this Charles Murray guy is and am more than a bit dubious when the tag at the end of his article is this:
Mr. Murray is the author of “Coming Apart: The State of White America, 1960-2010” and the W.H. Brady Scholar at the American Enterprise Institute.
Having said that, there are some interesting elements in it. Just as democracy has proven to be a terrible form of government (but better than all the other alternatives) (paraphrased from Winston Churchill), capitalism is probably a horrible means of distributing society’s wealth, just more effective than any other. I do not now believe that unbridled capitalism is ever a good thing (I did think that as a youth, though), I think that constraints need to be put on to keep things from getting to the point where it does more harm to society than it benefits (today is a _perfect_ example of capitalism run amok). For example, the author complains about EPA, OSHA, etc. workplace regulations and how meeting them provides a barrier to entry for smaller organization and thus should be done away with. I consider that argument flatly wrong, (many of) those regulations were put in place to keep workers safe from the excesses of capitalism (e.g., cutting safety corners to maximize profit). If a new entrepreneur can’t find a way to compete in a given regulatory environment, then she should direct her attentions elsewhere. I agree very much, however, with the author’s assertions that our current system is out of control and incapable of benefiting society, but I don’t think the answer is to get rid of the system. Our system is corrupt, that is no doubt, so eliminate the corruption, not the system.
I won’t drone on about this article; I flip flop back and forth liking and hating it. I do, though, think it is something that might interest my reader(s), so wanted to post it here for your consideration.
