Saturday, August 10, 2013
Good afternoon to all of our friends:
Greed or the search for ever higher profits is the engine that drives free market capitalism.
Labor unions and government regulation of corporations are widely regarded by Republicans and Democrats as unacceptable restrictions to free market capitalism. Incredibly, they believe the free market will regulate itself via the so-called “invisible hand” of greed.
This bizarre idea is the foundation of neoliberal economics and you can read all about it in Wealth of Nations by Adam Smith.
Greed is God in the United States today and that is why we have seen so many corporations relocate and/or outsource millions of jobs to foreign countries where labor and taxes are cheap and there are no environmental regulations. The result: our economy is in ruins and nothing is being done to fix it.
The invisible hand of greed cannot regulate a free market since it neither restricts the exploitation of the environment to seize natural resources nor the enslavement of labor with which to produce products for sale with those resources.
I wrote yesterday about the mind boggling high rate of incarceration in this country despite low rates of violent crime to warn people that our criminal justice system is being used to enslave our brothers and sisters so that others might profit from their free labor.
Today’s article completes the larger picture.
Capitalism cannot regulate itself. Therefore, the government must regulate capitalism. Should it fail to do so, slavery and unlimited environmental destruction will necessarily result.
If there be a Satan, his name is Greed.
Please keep those donations coming. Although our situation is not as desperate, we are not out of the woods yet.