Appreciate an ethical viewpoint from an Economist journalist. Not very common. Seemingly an ideological journal. Are you familiar with JJ Rousseau’s social contract? Giving up my natural state to participate in essentially a narcissistic society (derived from some of his other writings) requires a social contract that the common good is first placed before individual needs. That means all of capitalism’s externalities are realized to be part of the common good. And, let’s be honest. Corporations are externality generating machines going all the way back to East India Company whose externalities created mass death, suffering, slavery and victimization. Adam Smith spent a stint working for EIC.
The self is the source of all evil in this world. To be selfless is to embrace your highest good. The ancient Greeks understood this three thousand years ago but modern society’s cult of self can’t see beyond its ego boundaries. By the way, capitalism is an economic control system. Men were not made for systems. Systems were made for men. That’s why we are in the final stages of capitalism’s permanent failure.
Excellent piece. A lot of our economics students - not to mention business people - are unaware that our term "economics" used to be referred to as "political economy" with all the moral implications that entailed. We - Americans - will need to regain a sense of the moral in economics - whether we call it the golden rule, or benevolence, or treating one's neighbor as oneself - or we won't go much farther. I am starting a series of posts on moral freedom that is related to these matters. The first couple are here, looking at lack of moral freedom in China. I will get to the American case, but that is a couple of weeks down the road. http://chinareflections.com/index.php/105-comments-on-policies-and-programs/442-moral-freedom
I think you are constructing a strawman in your construal of American capitalism. Just in the past decade, campaigns based on environmental and social justice have forced American businesses to change their business models and adapt to new social norms. Corporations did not have to abandon the profit motive in order to do this, as consumers have gravitated toward businesses that align with their values. Further, stopping firms from polluting has a cost too, as Coase pointed out. We need power plants and internal combustion engines, at least for the time being. Most firms don't pollute to line the pockets of fat cats, but to produce consumption goods for everyday Americans. Regarding the recent protests, a part of the commons in a liberal democratic society is giving our fellow citizens a fair hearing in good faith. Those who are privileged to work from home should not scorn others who have lost their "non-essential" jobs, despite it being for the public good. Leaders from across the political spectrum should do their best to not impinge on basic rights, make lockdowns more bearable by opening up places with less chance of infection such as public parks, give a more credible timetable going forward, and do their best to replace workers' lost paychecks.
Ryan. Interesting post but I think the prisoner’s dilemma is also important part of understanding the ethical issues you discuss. Did you consider this aspect of the problem?
Appreciate an ethical viewpoint from an Economist journalist. Not very common. Seemingly an ideological journal. Are you familiar with JJ Rousseau’s social contract? Giving up my natural state to participate in essentially a narcissistic society (derived from some of his other writings) requires a social contract that the common good is first placed before individual needs. That means all of capitalism’s externalities are realized to be part of the common good. And, let’s be honest. Corporations are externality generating machines going all the way back to East India Company whose externalities created mass death, suffering, slavery and victimization. Adam Smith spent a stint working for EIC.
The self is the source of all evil in this world. To be selfless is to embrace your highest good. The ancient Greeks understood this three thousand years ago but modern society’s cult of self can’t see beyond its ego boundaries. By the way, capitalism is an economic control system. Men were not made for systems. Systems were made for men. That’s why we are in the final stages of capitalism’s permanent failure.
Excellent piece. A lot of our economics students - not to mention business people - are unaware that our term "economics" used to be referred to as "political economy" with all the moral implications that entailed. We - Americans - will need to regain a sense of the moral in economics - whether we call it the golden rule, or benevolence, or treating one's neighbor as oneself - or we won't go much farther. I am starting a series of posts on moral freedom that is related to these matters. The first couple are here, looking at lack of moral freedom in China. I will get to the American case, but that is a couple of weeks down the road. http://chinareflections.com/index.php/105-comments-on-policies-and-programs/442-moral-freedom
I think you are constructing a strawman in your construal of American capitalism. Just in the past decade, campaigns based on environmental and social justice have forced American businesses to change their business models and adapt to new social norms. Corporations did not have to abandon the profit motive in order to do this, as consumers have gravitated toward businesses that align with their values. Further, stopping firms from polluting has a cost too, as Coase pointed out. We need power plants and internal combustion engines, at least for the time being. Most firms don't pollute to line the pockets of fat cats, but to produce consumption goods for everyday Americans. Regarding the recent protests, a part of the commons in a liberal democratic society is giving our fellow citizens a fair hearing in good faith. Those who are privileged to work from home should not scorn others who have lost their "non-essential" jobs, despite it being for the public good. Leaders from across the political spectrum should do their best to not impinge on basic rights, make lockdowns more bearable by opening up places with less chance of infection such as public parks, give a more credible timetable going forward, and do their best to replace workers' lost paychecks.
Excellent piece!
Ryan. Interesting post but I think the prisoner’s dilemma is also important part of understanding the ethical issues you discuss. Did you consider this aspect of the problem?