Capitalism — Global versus National Interest
free-market system: “an economic system
based on the private ownership of the means of production and distribution
of
goods, characterized by a free
competitive market and motivation by profit.” © Microsoft
Encarta
Does Capitalism have limits? Is it possible for private ownership, and the
pursuit of self-interest, to overreach and create an economic imbalance
detrimental to the Nation?
Is there a role for the federal government? Should the United States of America
be allowed to act in its own self-interest when it comes
to energy independence?
When nation's act in their own self-interest, will a global invisible
hand serve the greater good of the whole of humanity?
The principles of Capitalism are derived from observation. As with any principle,
there exists the possibility of error in implementation. In a free market,
such errors result in loss of profit, or bankruptcy. Thus, the market is
self-correcting.
A self-correcting free market is good for a nation. When many corporations
compete to provide goods and services, the consumer is more likely to have
better choices and better prices.
But, in a global economy, when a nation becomes dependent on foreign
sources of supply, and that supply is interrupted, what will happen?
For example, what would happen if the USA was dependent on foreign
suppliers for most of the blood that U.S. hospitals needed—and
the suppliers failed to deliver?
Another example: what happens if the supply is steady, but the price increases
dramatically?
Why would a nation—a people—allow such a thing?
Has capitalism in America become something like a religion? Are “we
the people” required to suppress our national interests so not to interfere
with the free market?
The global economy of the 21st Century is unprecedented in human history.
Why do we put so much faith in global capitalism? We have no way
of knowing how this is going to play out. What if the global invisible
hand takes its
sweet time and the blessings of global capitalism aren’t distributed evenly
for another 500 years?
And, who is to say the next economic superpower will be as benevolent
as the United States has been during its brief time at the apex of global
economic
power?
America's economic
success is not the result of capitalism alone; indeed,
it was American pragmatism combined with a healthy dose of economic nationalism—guided
by the principles of capitalism—which produced the prosperity
of the 20th century. Maybe it is time to reconsider the role of pragmatism
in deciding America's energy and free trade Policies.
Capitalism was conceived and defined in Europe by Scottish philosopher
Adam Smith.
Pragmatism was conceived and defined in the USA by American
philosophers William James, John Dewey and Charles Peirce.
Pragmatism
1. way of thinking about results: “a straightforward
practical way of thinking about things or dealing with problems, concerned with
results
rather than with theories and principles.”
2. way of evaluating theories: “a philosophical view that a
theory or concept should be evaluated in terms of how it works and its consequences
as the standard for action and thought.”
— © Microsoft
Encarta
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