***this post is pursuant to one i hope to write soon concerning something in the way of a reflection on our changing world, and the implications of these perceived changes for my generation. in the meantime, here's what i hope is a somewhat intelligible defense of markets***
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these are some heart-felt, well-spoken reflections, all, thanks for sharing. i've been putting off writing something of my own in the way of a reflection on our times, but for now i'll settle for a comment or two:
at the risk of sounding like an economist, i tend to think that markets are generally good things: millions of people deciding individually what they need/want and what they would like to pay creates a huge market from producers of goods and services looking to make money by providing for those needs. organizations that are particularly effective at doing this (e.g. WalMart) do become enormously rich and powerful, though, and i think it's reasonable to worry about the corrupting influences that power and profit motive may have on the decisions of these firms. Furthermore, markets don't provide for everything, like schools, public infrastructure, and firemen. So the people need a strong advocate to (a) make sure that the markets function impartially with respect to all participants, including the biggest players (that's what the FTC exists for: shttp://arstechnica.com/tech-policy/news/2011/06/ftc-launching-antitrust-probe-over-google-search-ad-businesses.ars) and (b) that our common interests not provided for by the market will be looked after. 'Capitalism' refers to a system of economic management whereby those who control/acquire productive assets (machinery, money, an innovative idea) put them to use in ways that meet a demand of the market, often making the managers extremely wealthy. As an example, take Facebook and any of the several companies who make the computers we're using to have this exchange: Mark Zucherberg and the folks at Lenovo won from pushing these products in a MUCH bigger way than any of us did. But that's because they gave each of us something that we value a lot: access to information and computing power. Within the right parameters, I think it's a good deal.
So what are we concerned about? In theory this whole thing sounds great, but we know from looking around us that the wealthy do often run roughshod over the poor, that corporate power is not always restrained, and that the growing wealth gap in our nation seems at odds with the notion of america as a place where, whatever 'fifth' you’re in, initiative and perseverance can be your ticket to a better life. I'm worried, too, but I'm less confident that the solution is a wholesale rejection of capitalism or a corporate boycott of WalMart. To chase that particular example, consider why so many people shop at WalMat: because it's cheap. And why does that matter? Because a lot of folks are tight on cash. So if enough of us boycott WalMart and bring it down, what happens to the people who rely on it for clothes and day to day staples? Their cost of living goes up, and our anti-corporate hubris is vindicated at the expense of those less fortunate than ourselves. There's also decent evidence that WalMart leverages its enormous influence in the market for good ends. See: http://business-ethics.com/2010/05/15/1411-assessing-walmarts-environmental-impact/. for controversial but well-argued piece by paul krugman regarding labor conditions in the third world see: http://www.slate.com/id/1918/. in spite of its failings, i think that a market is a better system than the alternatives human societies have tried so far.
time to wrap this up. as Thabisile, quoting Ghandi, said: 'be the change you wish to see.' What kind of change do i wish to see? i wish that business leaders were innovative and ambitious, but more compassionate and less driven by greed. i wish our politicians were more courageous, willing to lay their offices on the line for the sake of promoting policies they actually believe in. i wish more parents hung in there with respect to their marriages and children. so what kind of man am i going to be, and what will be my contribution? what about you? the economy we live in is changing along with our times, and one of these days i hope to sit down and think it all through for a while. One thing is certain, though: women and men of strong character, determined to act with mercy, courage, and integrity, are need now as much as, if not more, than ever before.
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