Capitalism and Its Discontents

[Valin]

The Weekly Standard:

The worst economic system, except for all the ­others.

IRWIN M. STELZER

12/10/12

 

Almost everyone knows that without banks we couldn’t get mortgages, businesses couldn’t get credit to grease the wheels of commerce, and there would be no machine on every corner to spit out cash when we need it. But by and large we hate banks and most especially bankers. Everyone knows that without our medical system we would be sick longer and in the end die sooner. But by and large we hate insurance companies, hospitals, doctors, and big drug companies. Everyone knows that without cable companies we wouldn’t get to see our favorite teams and shows, and be reduced to, er, reading. But by and large we hate our cable provider, the apparent inventors of “Press 1 for English,” followed by maze-like instructions that get you nowhere. And everyone knows that it is the telephone companies that allow us to call anywhere, anytime, from anywhere, but mention any phone company by name and you will unleash tales of incomprehensible bills, indifferent service, and “We value your business, so please hold for an hour or so while we monitor your call for quality purposes.”

 

So if you want to know why capitalism is under attack, don’t bother with the scores of books attacking and defending bankers and other miscreants, the warmed-over Marxist tracts, the pleas for a return to the good old days of Adam Smith by writers who have never understood the Great Scot’s work or have forgotten what they once knew. Think of your own life, and how it shapes your view of capitalism as practiced by many companies. That’s what I do.

 

(Snip)

 

These experiences have many things in common that tell us about the capitalist market system. And about ourselves. We want great service from the airlines and really low fares. We want our bank to have an army of representatives ready to answer any questions, but we want “free checking” and cheer congressionally imposed limits on credit card charges. We want the cable company to be responsive, but we don’t want to look at our neighbors’ unsightly dishes. We want all sorts of things that we are not prepared to pay for.

 

(Snip)

[Valin]

‘The world needs more capitalism’ – Greta interviews Whole Foods co-CEO John Mackey

 

This is really a great interview and very refreshing to hear as Whole Foods co-CEO John Mackey not only defends capitalism and free markets but tells Greta that the problem with the world isn’t that there’s too much capitalism, but that there’s not enough of it. He talks about how the opponents of capitalism have hijacked the narrative for purposes of distorting it, using characters like Bernie Madeoff to demonize it. He even rejects the premise of one of Greta’s questions when she asks him if there’s ever a time when instead of trying to maximize profit he does something more environmental or for good health. But he denied that these tradeoffs exist, that if you do something for the environment that the investors must take a hit. He said the secret is leadership.

 

He also talks about regulations, Obamacare, and so much more. This is the full-uncut interview....

 

 

(Click On Link)