Monday, September 29, 2008

A letter to the left

I blogged tonight at the Shotgun on a great letter by Dr. Steven Horwitz of St. Lawrence University on why the left should not blame the free market for the current financial crisis in the US and why they should reconsider asking the government to remedy the situation.

Many of us in the free market movement will insist that "greed is good." I think Dr. Horwitz puts us squarely in our place on that one - greed is a fact of life. What is good is institutions that take advantage of greed to make sure that it helps all of us, rather than just a special few. This is precisely what has not been happening thanks to government interventions in the market, which have allowed many corporations to profit at our expense rather than in a manner that is helpful, at least to some extent (even those on the left must acknowledge that consumers get something from a trade, even if they believe they're taken advantage of in order to get it), to society at large.

Check out the blog post, if only to check out Dr. Horwitz's argument in more detail, or even better, in full.

1 comment:

Charles Martin Cosgriff said...

I rather prefer the term 'enlightened self-interest' to 'greed'. Greed is a bit more of a negative term.