Monday, April 30, 2007

capitalism, misdefined

A couple of days ago, I commented on a post at lowercase liberty in regards to R.A.W. and his knowledge of economics as I understood from his writings.

I then realized that my initial comment was harshly imprecise; while R.A.W. could have been knowledgeable in economic theory (although I'm convinced he wasn't), he certainly was sloppy in confusing normative ethics prescriptions with economic systems.

Please witness this one egregious abuse:
"When Playboy fired him, Shea endured terrible anxiety about keeping his house, and dashed off a few novel outlines while looking for another job. He sold his first novel before finding a job and never stopped writing again. I still treasure his comment on why the Bunny Warren cast him out. "I worked hard and was loyal to the company for ten years," he wrote. "I guess that deserves some punishment." I treasure that as the best comment I have ever heard about capitalist ethics."

Erggh!!! I'm certainly not sympathetic to the "bosses are evil" definition of capitalism, and to say what social behaviors are prescribed by capitalism is bunkum.

As far as I know, capitalism is a description of economic system in which individual rights and ergo, property rights are respected, and while some may seem to have better bargaining power, at the end of the day, its the little guy, the consumer who is unforgiving, disloyal, tough to please and is always punishing those soon-to-be non-producers who aren't serving their desires adequately. So no hard feelings dude, its not personal.

Inigo Montoya's timeless words are thus suitable for this misdefintion of capitalism -- "You keep using that word. I do not think it means what you think it means."

No comments: