Too many regulations, too much government intrusion: business leaders and entrepreneurs are “going John Galt”, according to Andrew Abela at Legatus magazine.
Fed up with the socialistic world he’s living in, Galt decides to leave and encourages numerous other entrepreneurs to follow him. As a result, the economy more or less grinds to a halt.
At Legatus chapter meetings across the country where I’ve been speaking — and with individual and groups of Catholic entrepreneurs and business leaders who visit us at the Catholic University of America — I’m meeting more and more people who are basically just walking away. Whether because they have had enough of fighting the EPA over every aspect of their business or they are concerned about going to jail because they didn’t comply with the umpteenth new regulation this week, they believe that the fun and sense of accomplishment in building a business is being sucked away by big government.
Abela met one man who believed he could create solid, high-paying jobs in the mining industry, but had given up his project in despair over governmental red-tape: “I’m just quitting.” And when folks like this “quit”, the economy suffers. There are no new jobs, less competition in the market, less innovation. The economy stagnates. Abela challenges his readers to help:
[Do] whatever you can to educate others on the value and values of ownership. Do you have a successful business model? If so, have you considered franchising as a way to grow your business without additional capital investment on your part — and as a way to help others become business owners? Do you have an Employee Stock Ownership Program (ESOP) so that your employees can become owners too? Have you considered “spinning out” parts of your business by selling ownership stakes to the management teams that run them?
The greater the proportion of citizens who are owners and investors, the less ability others have to vilify the business economy. The more people who understand how a culture of ownership brings political and economic stability, the less temptation there will be to attack business, and hopefully the less of a tendency to “go John Galt.”