Watch Bill Moyer's Journal on "A Crisis of Capitalism?"
http://www.pbs.org/moyers/journal/09282007/watch.html
In October of 2007 Bill Moyer's interviewed Economist John Bogle. Bogle said some important things that few want to acknowledge or face in American society. Here are a few that stood out to me: "A society out of control." "We are betraying our values." "When is enough enough?" In June, "The Journal" reported on the "Highflying Executives" of Northwest airlines. [Here is the link http://www.pbs.org/moyers/journal/blog/2007/06/preview_highflying_executives.html comments]
The CEO's and exec's are paying themselves at the expense of those that labor for them. The rich get richer and the poor get poorer. When the market determines morality we see hubris defined and everything and everyone is commodified. When we speculate for profit on the human soul what are we left with? Our "greedy soul" as Robert Bly calls it, rules the land and we are left in the darkness of endless want. The bottomless pit of insecurity where superficial desires, lust for power, and empty lives rule and promises a better life keeps us following the "pathological mutilations" of profiteering. Where does hubris take us? Mr. Bogle sees what others have the fall of the Roman Empire. We will fall under the obesity of our greed and anemia of our morality.
As a citizen of the 21st century Rome I often ask myself, how do we justify a culture of greed? What are we teaching our children about social justice and personal responsibility? All the children will witness is hypocrisy that is the United States. Yet, in their innocence they are wise for they become cynical rightfully so. Young people know not to trust society, educators, and politicians because they are aware. Aware that children are not nurtured and loved unconditionally by society but objects of a "Bottom line Society" and consumer market, mere commodities that are speculated on.
I dare say we are world leaders of greed and what's worse we want to export it. We have blatantly disregarded the wisdoms and warnings and instead embraced radial hubris. Someday we will have to answer future generations and they will ask why? Why did you treat us as "bottomlines"? What will we say? The market made me do it! No No I need more stuff instead of caring for you.
Years later, in the grip of the current economic crisis Bogle's words are confirmed, our culture and economy are in ruins. The culture of greed takes no prisoners.
A Blog on Capitalism? How'd I miss this?
ReplyDeleteIt sounds like everyone is all too familiar with the symptoms of capitalism. I think the crucial point is how we decide to tackle this disease. We can offer the "pain killers" that will mask the symptoms, i.e., reforms; or we can extract the problem from its roots, i.e., restructuring our global economic system. The latter choice seems to me to be the most reasonable approach, considering that the vices that arise in capitalism, generally, are not a matter of individual characteristics: capitalists too are compelled by this system to always maximize profits and to invest in risky investments in order to stay competitive.
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ReplyDeleteIs it the system or those who inhabit it? The idea is freedom of the market increases liberty and personal freedom but that idea has not come to bear. Freedom without responsibility is the practice of most and this limitless profiteering damages a society as it has throughout history.
ReplyDeleteI see your point about people within the system need to take personal responsibility. I think that is absolutely true. But at the same time even if we had the freest markets and every person was taking optimal personal responsibility, we would still have economic crises of overproduction. These crises are a product of the anarchy of capitalist production (the problem that capitalists compete against each other for maximum profit within the same industry), not because the lack of personal responsibility. Recessions will occur in capitalism with or without personally responsible people since recessions are a systemic problem, not a problem based on certain individuals doing bad things. This reminds me of how the press used Madoff, who truly is a greedy cheat, during our current recession as an example of how individuals are the problem, not the system itself. People would say things like, "If we just didn't have greedy people like Madoff, then everything would be fine." But I don't believe that's the case.
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