Sunday, July 15, 2007

Evils of capitalism

FrontBurner | Trey Garrison:
“Frank Timmins writes to the Dallas Morning News a much-needed defense of capitalism in response to Rod Dreher's attack last week. As Timmins points out, the problem (as with most problems today) can be traced back to a single source [i.e., Baby Boomers].”
Ed Cognoski responds:

Rod Dreher claims that today "capitalism is defined not by a producer mentality but by a consumer ethos. The prosperity we see is in some respects a mirage, purchased with a credit card." Frank Timmins sees consumerism and our debt-ridden society not as a knock on capitalism, but as "a cultural and educational problem [that] should not sully the most perfect system of prosperity the world has known." Then, Trey Garrison places the blame not on capitalism or consumerism, but on when you were born — if it's between 1946 and 1964, you personally are the cause of most problems today.

First, Mr Dreher. Capitalism has always gone hand-in-hand with consumerism. Herbert Hoover won the Presidency in 1928 promising voters "a chicken in every pot." Henry Ford became a titan of industry making and selling cars that Everyman could afford. The post-war boom in single family homes was made possible by bank-financed home mortgages, putting millions of Americans in their own homes in return for long term debt. Valuing the work ethic always was predicated on the promise of eventual reward through promotion, higher pay, and a better life. If personal debt is a problem today, and it is for many, it's not simply because of a new phenomenon called consumerism.

Second, Mr Timmins. Blaming unwelcome side effects of capitalism on human character flaws is no more justified than blaming the failings of communism or socialism on character defects of humans unwilling to work for the greater good of society. Unfettered capitalism does have the potential of breaking down into the law of the jungle. Human life in that circumstance was "nasty, brutish, and short." Capitalism may be, as Mr Timmins says, the most perfect system of prosperity the world has known, but it has always come with some form of regulation to control its undesired excesses. Mr Dreher may have identified places where those excesses have gotten out of control.

Finally, Mr Garrison. Huh?

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