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Socialism, Capitalism, and Other Fallen Stock
The Pew Research Center for the People and the Press just released a
survey testing reactions to political rhetoric--whether people react
positively or negatively to words like "progressive" or "socialism" or
phrases like "states' rights" or "civil liberties." The results were
not surprising in some regards. Say the phrases "civil rights," "civil
liberties" and "states' rights," and between 87 percent and 77 percent
of people respond positively.
May 11, 2010
It's a long way from 1989, when the Berlin Wall was falling, the
Soviet Union was disappearing, the first George Bush was advertising "a
new world order" and the happy ideologues of the right were declaring
the end of history. Capitalism, they told us then, had won. There was
no other viable system. The Chinese must have been laughing then, as
they have since Ronald Reagan first came to them, hat in hand, to help
finance his colossal deficits. Their laugh has gotten only louder since
as they've watched a capitalism system gorged on its own arrogance run
up more debt than it will ever be willing to repay while inflating
bubble after bubble to give itself the illusion that it was still a
functioning system. In Reagan's time it was the junk-bond bubble, which
crashed in 1987. It was followed by the tech bubble of Clinton's 1990s,
which crashed in 2000, only to be rolled-over into the housing and
junk-credit bubble of the Bush years. That one is still crashing, with
reverberations all over the world, as last week's mini-crash reminded
us.
All
along, the Chinese, whose economy and political system have more in
common with fascism than communism anymore, have been lending us money
in the shape of a noose -- more than $1 trillion if you include what we
owe Hong Kong, which the Chinese devoured in 1997. Incapable of living
within our means or raising taxes to pay our own debts, we've been
hanging ourselves with Chinese rope. And not just Chinese. We owe the
Japanese $768 billion, and we owe oil producing Arab nations and
Venezuela $218 billion.
Capitalism didn't get us into this. Unbridled capitalism
and self-indulgence did, beginning with the rise in the 1980s of the
cult of the free market. To this day conservatives peddle the fallacy
that Adam Smith, considered the father of capitalism, wouldn't have had
it any other way, just as we shouldn't have it any other way as we move
forward. But Smith was a great believer in trade unions and public
works. Businessmen's motives left him queasy, because he saw them as
little more than bundles of self-interest who seldom gave a whit to the
common good ("It is not from the benevolence of the butcher, the
brewer, or the baker that we can expect our dinner, but from their
regard to their own interest," he wrote.) And Smith was a great
believer in taxes and wealth redistribution so that, in his words, "the
indolence and vanity of the rich is made to contribute in a very easy
manner to the relief of the poor." In sum, he would have fit right in
with the New Deal, or something like it if the Obama administration had
the courage to enact it.
I find it particularly ironic that the group in the Pew survey that
gives socialism the most negative marks is the elderly--the one group in
America that benefit most from socialist programs: Medicare, Social
Security, and the public schools that keep educating the workers who
wait hand and foot on elderly lives and luxuries.
We can rail about socialism's evil and worship capitalism all we
like. It won't get us out of the hole we spent the last 30 years
digging. History and Adam Smith suggest that the way out is an
intelligent, humane combination of the two. It's not like we haven't
done it before. Ask anyone 65 or older, assuming they're not too busy
honing their selective memories at a tea party.
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© 2023 Pierre Tristam
Pierre Tristam
Pierre Tristam is a journalist, writer, editor and lecturer. He is currently the editor and publisher of FlaglerLive.com, a non-profit news site in Florida. A native of Beirut, Lebanon, who became an American citizen in 1986, Pierre is one of the United States' only Arab Americans with a regular current affairs column in a mainstream, metropolitan newspaper.
It's a long way from 1989, when the Berlin Wall was falling, the
Soviet Union was disappearing, the first George Bush was advertising "a
new world order" and the happy ideologues of the right were declaring
the end of history. Capitalism, they told us then, had won. There was
no other viable system. The Chinese must have been laughing then, as
they have since Ronald Reagan first came to them, hat in hand, to help
finance his colossal deficits. Their laugh has gotten only louder since
as they've watched a capitalism system gorged on its own arrogance run
up more debt than it will ever be willing to repay while inflating
bubble after bubble to give itself the illusion that it was still a
functioning system. In Reagan's time it was the junk-bond bubble, which
crashed in 1987. It was followed by the tech bubble of Clinton's 1990s,
which crashed in 2000, only to be rolled-over into the housing and
junk-credit bubble of the Bush years. That one is still crashing, with
reverberations all over the world, as last week's mini-crash reminded
us.
All
along, the Chinese, whose economy and political system have more in
common with fascism than communism anymore, have been lending us money
in the shape of a noose -- more than $1 trillion if you include what we
owe Hong Kong, which the Chinese devoured in 1997. Incapable of living
within our means or raising taxes to pay our own debts, we've been
hanging ourselves with Chinese rope. And not just Chinese. We owe the
Japanese $768 billion, and we owe oil producing Arab nations and
Venezuela $218 billion.
Capitalism didn't get us into this. Unbridled capitalism
and self-indulgence did, beginning with the rise in the 1980s of the
cult of the free market. To this day conservatives peddle the fallacy
that Adam Smith, considered the father of capitalism, wouldn't have had
it any other way, just as we shouldn't have it any other way as we move
forward. But Smith was a great believer in trade unions and public
works. Businessmen's motives left him queasy, because he saw them as
little more than bundles of self-interest who seldom gave a whit to the
common good ("It is not from the benevolence of the butcher, the
brewer, or the baker that we can expect our dinner, but from their
regard to their own interest," he wrote.) And Smith was a great
believer in taxes and wealth redistribution so that, in his words, "the
indolence and vanity of the rich is made to contribute in a very easy
manner to the relief of the poor." In sum, he would have fit right in
with the New Deal, or something like it if the Obama administration had
the courage to enact it.
I find it particularly ironic that the group in the Pew survey that
gives socialism the most negative marks is the elderly--the one group in
America that benefit most from socialist programs: Medicare, Social
Security, and the public schools that keep educating the workers who
wait hand and foot on elderly lives and luxuries.
We can rail about socialism's evil and worship capitalism all we
like. It won't get us out of the hole we spent the last 30 years
digging. History and Adam Smith suggest that the way out is an
intelligent, humane combination of the two. It's not like we haven't
done it before. Ask anyone 65 or older, assuming they're not too busy
honing their selective memories at a tea party.
Pierre Tristam
Pierre Tristam is a journalist, writer, editor and lecturer. He is currently the editor and publisher of FlaglerLive.com, a non-profit news site in Florida. A native of Beirut, Lebanon, who became an American citizen in 1986, Pierre is one of the United States' only Arab Americans with a regular current affairs column in a mainstream, metropolitan newspaper.
It's a long way from 1989, when the Berlin Wall was falling, the
Soviet Union was disappearing, the first George Bush was advertising "a
new world order" and the happy ideologues of the right were declaring
the end of history. Capitalism, they told us then, had won. There was
no other viable system. The Chinese must have been laughing then, as
they have since Ronald Reagan first came to them, hat in hand, to help
finance his colossal deficits. Their laugh has gotten only louder since
as they've watched a capitalism system gorged on its own arrogance run
up more debt than it will ever be willing to repay while inflating
bubble after bubble to give itself the illusion that it was still a
functioning system. In Reagan's time it was the junk-bond bubble, which
crashed in 1987. It was followed by the tech bubble of Clinton's 1990s,
which crashed in 2000, only to be rolled-over into the housing and
junk-credit bubble of the Bush years. That one is still crashing, with
reverberations all over the world, as last week's mini-crash reminded
us.
All
along, the Chinese, whose economy and political system have more in
common with fascism than communism anymore, have been lending us money
in the shape of a noose -- more than $1 trillion if you include what we
owe Hong Kong, which the Chinese devoured in 1997. Incapable of living
within our means or raising taxes to pay our own debts, we've been
hanging ourselves with Chinese rope. And not just Chinese. We owe the
Japanese $768 billion, and we owe oil producing Arab nations and
Venezuela $218 billion.
Capitalism didn't get us into this. Unbridled capitalism
and self-indulgence did, beginning with the rise in the 1980s of the
cult of the free market. To this day conservatives peddle the fallacy
that Adam Smith, considered the father of capitalism, wouldn't have had
it any other way, just as we shouldn't have it any other way as we move
forward. But Smith was a great believer in trade unions and public
works. Businessmen's motives left him queasy, because he saw them as
little more than bundles of self-interest who seldom gave a whit to the
common good ("It is not from the benevolence of the butcher, the
brewer, or the baker that we can expect our dinner, but from their
regard to their own interest," he wrote.) And Smith was a great
believer in taxes and wealth redistribution so that, in his words, "the
indolence and vanity of the rich is made to contribute in a very easy
manner to the relief of the poor." In sum, he would have fit right in
with the New Deal, or something like it if the Obama administration had
the courage to enact it.
I find it particularly ironic that the group in the Pew survey that
gives socialism the most negative marks is the elderly--the one group in
America that benefit most from socialist programs: Medicare, Social
Security, and the public schools that keep educating the workers who
wait hand and foot on elderly lives and luxuries.
We can rail about socialism's evil and worship capitalism all we
like. It won't get us out of the hole we spent the last 30 years
digging. History and Adam Smith suggest that the way out is an
intelligent, humane combination of the two. It's not like we haven't
done it before. Ask anyone 65 or older, assuming they're not too busy
honing their selective memories at a tea party.
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