Posts tagged with: capitalism

Blog author: jballor
posted by on Thursday, March 18, 2010

In this week’s Acton Commentary I expand on a minor meme floating around the web towards the end of last year that criticized the purported claim made by Lord Brian Griffiths, a Goldman Sachs advisor and vice chairman: “The injunction of Jesus to love others as ourselves is an endorsement of self-interest.”

I do a couple of things in this piece. First, I show that Griffith’s claim was rather different than that reported by various news outlets. Second, I place his reported comments within the broader context, which includes a greater emphasis on generosity than on self-interest. The entire transcript (PDF) of the panel discussion from which the quote was taken is an interesting read.

For instance, Griffiths also says this in the context of the question of ordering self-interest to serve justice: “…nobody, I think, on this panel believes in completely free markets. In fact, I don’t think I know anyone even in Goldman who believes in completely free markets.” By “completely free markets” Griffiths is talking about a pure lassez-faire view of the market. The broader context of Griffiths comments, including his emphasis on generosity and his qualification of endorsement of the market, should serve adequate notice to anyone who seeks to characterize him as a espousing some kind of radical view incompatible with Christian teaching. For more on the theological backgrounds of this topic, see my post over at Mere Comments.

And for even more background on Griffiths views, in addition to his Globalization, Poverty, and International Development, check out his plenary address, which includes endorsement of a kind of cap-and-trade system on carbon markets, given at 2008′s Acton University:

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Via Victor Claar (follow him on Twitter here), an op-ed in The Oracle (Henderson State University’s student paper) by Caleb Taylor, “Tiger Woods and Capitalism.”

A taste: “Contrary to what Michael Moore thinks, capitalism promotes moral and ethical behavior. In Woods’ case, it punishes poor behavior. Sponsors such as Nielsen, AT&T, Gillete and Gatorade have all either suspended or removed their endorsement deals with Tiger due to his moral mistakes.”

In this week’s Acton Commentary, I review a new book by economist Joseph E. Stiglitz, Freefall: America, Free Markets, and the Sinking of the World Economy. Text follows:

A rare growth industry following the 2008 financial crisis has been financial crisis commentaries. An apparently endless stream of books and articles from assorted pundits and scholars continues to explain what went wrong and how to fix our present problems.

In this context, it was almost inevitable that one Joseph E. Stiglitz would enter the fray of finger-pointing and policy-offerings. As a Nobel Prize economist, former World Bank chief economist, former Chairman of the President’s Council of Economic Advisors, and member of the Pontifical Academy of Social Sciences, it would be surprising if he had nothing to say.

Moreover Stiglitz has assumed the role of social-democrat-public-intellectual-in-chief since his door-slamming departure from the World Bank in 1999. From this standpoint, Stiglitz opines about, well, pretty much everything. He also increasingly labels anyone disagreeing with him as a “market fundamentalist” or “conservative journalist.”

Yet despite his iconoclastic reputation, Stiglitz reveals himself in his latest offering, Freefall: America, Free Markets, and the Sinking of the World Economy, as a rather conventional Keynesian-inclined economist who, like most Keynesian-inclined economists, thinks everything went wrong in the early 1980s. (more…)

actononairOn Monday, Acton Founder and President Rev. Robert A. Sirico took to the airwaves of the BBC and squared off against Oliver Kamm of the London Times in a spirited debate over the merits of Michael Moore’s latest “documentary,” Capitalism: A Love Story. Audio from the BBC3 show Nightwaves is available via the audio player below.

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Topic: Does Capitalism Destroy Culture? A talk by Michael Miller.

When: Thursday, February 18, 2010. 11:45 a.m. Registration; 12:00 p.m. — 1:30 p.m. Lunch & Lecture

Cost: $15 Admission $5 Students (including lunch)

Where: Water’s Building — 161 Ottawa Ave, Grand Rapids, MI 49503

Map it.

Register online today!

It’s not too late to order The Call of the Entrepreneur and The Birth of Freedom for stocking stuffers. An eye-opening report by Patrick Courrielche at Big Hollywood makes for a fine motivator. Some excerpts:

Enter Howard Zinn – an author, professor and American historian – who, with the help of Hollywood and the History Channel, intends to change the way our pre-K through high school children learn American history [beginning with "a new documentary, entitled The People Speak, to be aired December 13th at 8pm on the History Channel.”]. …

Zinn has spent a lifetime teaching college students about the evils of capitalism, the promise of Marxism, and his version of American history – a history that has, in his view, been kept from students. …

Perhaps due to their one-sided perspective of America’s past, Zinn’s history books have largely been limited to colleges and universities, until now. In the press release announcing the broadcast, HISTORY introduced a partnership with VOICES Of A People’s History Of The United States, a nonprofit led by Zinn that bares the same name as his companion book, to help get his special brand of history into classrooms. …

Brian Jones, a New York teacher and actor, is a board member of VOICES and has also played the lead in Zinn’s play Marx in SoHo. … he extols the benefits of this one man play as a tool to introduce people to Marx’s ideas….

Jones is also a regular contributor to Socialist Worker, International Socialist Review, and speaks regularly on the beneficial principles of Marxism, including this year at the 2009 Socialism Conference. He recently gave a speech on the failure of capitalism, proclaiming that “Marx is back.”

Sarah Knopp, a Los Angeles high school teacher, is also on Zinn’s Teacher Advisory Board. Like Jones, Knopp is also a regular contributor to International Socialist Review, Socialist Worker, is an active member in The International Socialist Organization, and was also a speaker at the 2009 Socialist Conference. …

Then there is Jesse Sharkey, a schoolteacher in Chicago. Sharkey is another of Zinn’s Teacher Advisory Board Members and … a contributor to— Socialist Worker.

This is the group that the History Channel is working with “to develop enhanced, co-branded curriculums for a countrywide educational initiative.” …

I am not advocating that we spare our kids the harsh truths of American history, but I am suggesting, given Zinn’s far-left political affiliation, this project is designed to breakdown our vulnerable children’s views of American principles so that they can be built back up in a socialist vision. …

It is not surprising to me that there are groups sympathetic to Marx’s ideas throughout our country. What is surprising is that the most powerful persuasion machine in the world (Hollywood) and the History Channel would provide Zinn such a prominent soapbox to stealthily build a case for a destructive ideology to our children, and as a result mainstream his ideas with the magic of cool music, graphics, and celebrity. Groups that push Marx’s philosophy are like a virtual organism that will not die off even when stung by the undeniable historical evidence showing human behavior makes such a system unsustainable. If we let this virtual organism into our grade schools, it will take decades for our kids to unlearn the ideology.

… When a reporter asked Zinn, “In writing A People’s History, what were you calling for? A quiet revolution?” Zinn responded: “A quiet revolution is a good way of putting it. From the bottom up. Not a revolution in the classical sense of a seizure of power, but rather from people beginning to take power from within the institutions. In the workplace, the workers would take power to control the conditions of their lives. It would be a democratic socialism.”

Counter bad documentaries with good ones. And if you want to do more at this gift-giving time of the year, consider helping the Acton Institute in its ongoing struggle to promote the free and virtuous society.

Blog author: jwitt
posted by on Monday, December 7, 2009

My essay in today’s American Spectator Online looks at why Ben Bernanke should not be confirmed to a second term as Chairman of the Federal Reserve:

Two planks in Bernanke’s recovery strategy: Expand the money supply like a banana republic dictator and throw sackfuls of cash at failed companies with a proven track record of mismanaging their assets. The justification? According to the late John Maynard Keynes, this is supposed to restore the “animal spirits” of the cowed consumer, the benighted creature who foolishly imagines that after a period of prodigality and mismanagement, maybe a country should rediscover its inner Dave Ramsey.

The full essay is here.

It’s the end of the semester. A degree of giddiness creeps in.

My students and I have been working through the political systems of a variety of nations. Yesterday, we talked about China.

China is a wonderful subject because any professor not completely sold out to Marxist fantasy gains the license to speak judgmentally about Mao’s ridiculous policies of The Great Leap Forward (in which the nation stopped producing food and tried to manufacture steel in backyards) and The Cultural Revolution (in which Mao deputized snotty teenagers to force their elders into self-criticism for improper revolutionary thinking).

But the fun begins to subside as you approach the present day. I was explaining to the students that although the Chinese still have the Communist Party — and it is the only party permitted to operate — the nation has rejected communism. Instead, they engage in a form of state-sponsored capitalism.

I began to say that the U.S. embraces private capitalism versus this state-sponsored capitalism of the Chinese, but then I realized that would be inaccurate. The truth, I realized and said to the students, is that both nations engage in state-sponsored capitalism.

But there is a key difference.

The Chinese government owns companies that make a profit. The United States government only owns companies that lose money.

And that is why they are loaning us money instead of the other way around.

Blog author: jwitt
posted by on Wednesday, November 25, 2009

Got the socialism blues? Worried that a friend or maybe a teenage son or daughter may contract a nasty case of it? Marvin Olasky at World magazine recommends former Acton research fellow Jay Richards’ 2009 HarperOne book, Money Greed and God: Why Capitalism Is the Solution and not the Problem:

Among the myths Richards demolishes: The Nirvana Myth (contrasting capitalism with an unrealizable ideal rather than with its real alternatives), the Piety Myth (focusing on good intentions rather than results), and the Materialist and Zero-Sum Game Myths (believing that wealth is not created but simply transferred).

Richards, one of that rare breed with a theology doctorate but an understanding of economics, also points out the errors of the Greed Myth (believing that the essence of capitalism is greed), the Usury Myth (that charging interest on money is immoral), and the Freeze-Frame Myth (that what’s happening now regarding population, income, natural resources, or so on, will always happen).

Want to administer some of the immunizations in delicious DVD form? Try a high-quality, narrative-driven Acton documentary that was irenic enough to air on scores of PBS stations around the country but with enough red meat to also air on Fox Business: The Call of the Entrepreneur shows why entrepreneurs and capitalism are part of the solution, and why socialism delivers the opposite of what it promises. The story of Jimmy Lai–the boy who escaped Communist China, founded a media empire, and confronted the Chinese leaders behind the Tiananmen Square Massacre–is alone worth the price of admission.

Blog author: jballor
posted by on Monday, November 23, 2009

Contrary to the belief of some, the two realities referred to in the title of this post are not identical.

But the discussion around a recent Boston Globe article reminds me of the saying from Jerry Taylor, a senior fellow at the Cato Institute, “Capitalism without the threat of bankruptcy is like Christianity without the threat of hell. It doesn’t work very well.” It may well be that capitalism without the threat of hell doesn’t work very well either.

The Globe piece refers to a bit of research that links belief about punishment in the afterlife with economic development. This is important, since “knowing exactly how and when God influences mammon could lead to smarter forms of economic development in emerging nations, and could add to our understanding of how culture shapes wealth and poverty.”

It is promising that there is “a larger movement in economics, in which the field is looking beyond purely material explanations to a broader engagement with human culture, psychology, and even our angels and demons.”