Capitalism : There Is Only The Vilification
By: Marcel Didier, Professor / Business Faculty, UD email@example.com
Fans of Saul Alinsky, the theoretician of the Chicago School of left-wing ideology, are familiar with this radical slogan: There Is Only The Fight. Hillary Clinton used it to write a loving tribute to Alinsky’s RULES FOR RADICALS in her 1969 Wellesley College degree thesis, and Obama enthusiastically taught these disturbing concepts to his band of community organizers. And there you have the inspiration for the continuing vilification by the Left of its ideological opposition. For various reasons, many politicians, college instructors and even corporate CEOs have been misrepresenting if not vilifying the basic tenets of the ideal of Free-Market Capitalism, the only one of the theories of political economy ties hat has ever produced wealth for its true adherents. What better way to discredit a theory than to enact anti-free-market policies (bailouts, green loans, circumventing bankruptcy laws for favored companies…) then blaming their failures on capitalism? While recognizing the fundamental human need to pursue one’s personal interest without abridging that of our fellow citizens, free-market capitalism requires three fundamentals: right to property ownership, free and fair competition, and the rule of law. Unfortunately, the Federal Government, since at least FDR, has been diminishing those very principles: eminent domain threatens property rights, competition is thwarted by government mandates, by redistributive interference and favoritism (or cronyism), and the selective enforcement of laws.
The April 1, 2012 issue of the Telegraph Herald (page 1B) carried another article on the need for people to understand the impact of economics in reference to the socalled “settled science” of sustainable energy. Economics is obviously the most neglected and misunderstood subject in this ‘capitalist’ nation. Thanks to professors like Mike Dalecki (UW-P), students could figure out, for example, that to justify the purchase of President Obama’s ideologically-favored car, i.e. GM’s all-electric VOLT, the price of gasoline would have to be $12… and the President will make sure the price “will necessarily skyrocket” to eventually mandate the purchase of that kind of vehicle.
No wonder the favorability gap between capitalism and socialism among college undergrads is closing (PEW RESEARCH). This is amply demonstrated by the seriously misdirected OCCUPY WALL STREET movement which objects to Wall Street’s First Amendment right to “petition the government”. They’re wrong to protest Wall Street which has acted within the laws enacted by Congress. Only Congress can change laws, not Wall Street. Even Republican candidates for president in the primaries were having difficulty articulating the absolute benefits of free markets. Wishing to sound “popular”, they participate in the generalized corruption of the free market notion, and are basically endorsing “Crony Capitalism”, the lifeblood of socialist and communist states. The growth of the IRS code from 1.4 million words in 1965 to today’s 9.1 million words (Tax Foundation) should be ample proof of rampant cronyism (a.k.a. corporate welfare) and wealth re-distribution (a.k.a main street welfare), greatly accelerating under Obama. A basic reading of Adam Smith (WEALTH OF NATIONS , 1776, coinciding with the US Declaration of Independence) would tell us that free and fair competition is the best formula for improved and cost-effective products and services. At a recent intramural debate at UD (Dr. P. Jensen and Dr. L. Muzinga) we heard some ominously disturbing notions of “fairness” in America: the top 10% of wage earners already paying (only?) 70% of all federal income taxes is declared unfair, though no-one dares specify what “fair” is. But the 47% of US residents who are paying zero income tax or receiving welfare checks is perfectly fair. Dr. Jensen correctly pointed to the overwhelming need for students to read informative books by authors like Dr. Thomas Sowell and Milton Friedman (FREE TO CHOOSE. 1980), and F. Hayek (ROAD TO SERFDOM) of the socalled Austrian School of Economics. The philosophy of John Maynard Keynes, the progressive friend of too many recent US presidents, has reigned supreme over the past 100 years. Lacking persuasive argumentation, the forces of the Command Economy and Central Planning can only resort to the villification of the very principles of the founding of these United States. It is as if the enemy were that uniquely American free-market capitalism which after all built the most propserous nation in the history of mankind for the benefit of the greatest number of its citizens, and not the misguided programs of socalled progressive presidents.
originally published in the Dubuque Telegraph Herald April 15, 2012