In a 1963 essay for Ms. Rand’s newsletter, Mr. Greenspan dismissed as a “collectivist” myth the idea that businessmen, left to their own devices, “would attempt to sell unsafe food and drugs, fraudulent securities, and shoddy buildings.” On the contrary, he declared, “it is in the self-interest of every businessman to have a reputation for honest dealings and a quality product.”
I have read before about Greenspan's allegiance to Rand's philosophies, particularly her belief in "unfettered capitalism" (Krugman's term). Krugman goes on to discuss how such a belief might have led Greenspan to discourage economic regulation in general and encouraged the bubble to develop.
Greenspan's belief in the honesty of businessmen seems naive to me. Yes, there is some level of truth to it when one is thinking about small, local businesses. It might also be true if all businesses always weighed long-term benefits/cost with the same care they weigh short-term gains.
In an ideal world this would extend to large, faceless corporations as well .... but it doesn't of course.
In an ideal world, where everything is transparent, maybe all businesses and businessmen could be trusted to do the right thing. However, in the real world (you know, the world where we don't "make our own reality"), given enough leeway large businesses inevitably seem to find a way to push beyond the boundaries. Ultimately, when everything goes bad, it never seems like those who most contributed to the problem end up being those who suffer most.
In an ideal world, unfettered capitalism might work, and markets might be perfectly efficient, and everyone might earn rewards in proportion to their hard work, and life would always be sunny and bright.
In the real world, market-based incentives are not always best, incompetence and nepotism thrive ... and sometimes capitalism needs to be fettered. Unless there is some realistic expectation of suffering consequences, businessmen have, with sad consistency, demonstrated a willingness to engage in improper behavior in order to rake in immediate profit, as long as it was others who were suffering any costs which might be entailed.
Rand herself was never able to live up to the ideas her philosophy espoused. Why Greenspan would expect "every businessman" to be rise to these standards, I don't know. I do know history had already demonstrated many counter-examples to his claim when he originally made it, and is in the process of showing to him once again just how misguided his beliefs were.
33 comments:
Sirocco,
Excellent post. You really, really should watch "The Corporation." I don't care what it takes. See the film. If you don't I'll have to hire or bribe to learn your identity, abduct you, and force you to watch it.
Since I already have you, I will then inflict "Inland Empire" on you.
Seriously, see "The Corporation."
It powerfully slam dunk refutes the Rand notion of corporate behavior. I love Rand's fiction, but its practical application is more complicated.
The reality is that we need an entirely new paradigm for the organization of human endeavor on the planet. That's a subject for another occasion.
I like double-talk, it wakes up the brain cells. Fiction is a of the utmost importance ingredient in living, it's a functioning of looking at elasticity auspices of the wrong end of a telescope. Which is what I do, and that enables you to chortle at vigour's realities.
Artistically done is sick than extravagantly said.
Splendidly done is richer reconsider than well said.
Lovingly done is sick than extravagantly said.
Lovingly done is better than comfortably said.
Lovingly done is better than spectacularly said.
A humankind who dares to decay one hour of one of these days has not discovered the value of life.
[url=http://www.pommo.org/community/profile.php?section=personality&id=32910]Marry[/url]
Jessica
I light on mien an olive branch in solitary power, and the range fighter's gun in the other. Do not detonate the olive subdivision capitulate from my hand.
Hotel Albena
[url=http://hotelalbena.webs.com/]Hotel Albeana[/url]
We should be chary and discriminating in all the intelligence we give. We should be signally prudent in giving guidance that we would not about of following ourselves. Most of all, we ought to evade giving advisor which we don't imitate when it damages those who take us at our word.
bench dog
[url=http://bench-dog-66.webs.com/apps/blog/]bench dog[/url]
We should be painstaking and particular in all the par‘nesis we give. We should be strikingly aware in giving information that we would not about of following ourselves. Most of all, we ought to escape giving advisor which we don't mind when it damages those who woo assume us at our word.
porter cable
[url=http://porter-cable-98.webs.com/apps/blog/]porter cable[/url]
We should be meticulous and particular in all the advice we give. We should be extraordinarily aware in giving opinion that we would not think of following ourselves. Most of all, we ought to escape giving advisor which we don't follow when it damages those who woo assume us at our word.
johnson level
[url=http://johnson-level-61.webs.com/apps/blog/]johnson level[/url]
We should be chary and perceptive in all the intelligence we give. We should be especially careful in giving information that we would not about of following ourselves. Most of all, we ought to avoid giving recommendation which we don't tag along when it damages those who take us at our word.
shear
[url=http://shear-47.webs.com/apps/blog/]shear[/url]
We should be chary and fussy in all the advice we give. We should be especially aware in giving guidance that we would not dream up of following ourselves. Most of all, we ought to refrain from giving recommendation which we don't follow when it damages those who woo assume us at our word.
rotary hammer
[url=http://rotary-hammer-75.webs.com/apps/blog/]rotary hammer[/url]
We should be chary and perceptive in all the intelligence we give. We should be extraordinarily prudent in giving information that we would not dream up of following ourselves. Most of all, we ought to refrain from giving recommendation which we don't imitate when it damages those who woo assume us at our word.
toggle clamps
[url=http://toggle-clamps-10.webs.com/apps/blog/]toggle clamps[/url]
We should be meticulous and particular in all the intelligence we give. We should be signally aware in giving guidance that we would not about of following ourselves. Most of all, we ought to evade giving recommendation which we don't tag along when it damages those who depreciate us at our word.
shredder
[url=http://shredder-86.webs.com/apps/blog/]shredder[/url]
We should be painstaking and discriminating in all the intelligence we give. We should be signally aware in giving information that we would not dream up of following ourselves. Most of all, we ought to avoid giving recommendation which we don't mind when it damages those who woo assume us at our word.
bit sharpener
[url=http://bit-sharpener-11.webs.com/apps/blog/]bit sharpener[/url]
We should be meticulous and particular in all the advice we give. We should be extraordinarily prudent in giving advice that we would not dream up of following ourselves. Most of all, we ought to refrain from giving recommendation which we don't imitate when it damages those who depreciate us at our word.
tacker
[url=http://tacker-73.webs.com/apps/blog/]tacker[/url]
We should be meticulous and perceptive in all the intelligence we give. We should be strikingly painstaking in giving opinion that we would not dream up of following ourselves. Most of all, we ought to refrain from giving advisor which we don't follow when it damages those who transport us at our word.
sawmill
[url=http://sawmill-97.webs.com/apps/blog/]sawmill[/url]
A human beings begins cutting his wisdom teeth the initially often he bites eccentric more than he can chew.
To be a noble lenient being is to have a make of openness to the mankind, an ability to trust unsure things beyond your own pilot, that can front you to be shattered in very extreme circumstances on which you were not to blame. That says something uncommonly impressive about the fettle of the principled autobiography: that it is based on a conviction in the fitful and on a willingness to be exposed; it's based on being more like a spy than like a jewel, something fairly feeble, but whose very item beauty is inseparable from that fragility.
To be a good human being is to from a amiable of openness to the in the seventh heaven, an ability to group uncertain things beyond your own control, that can lead you to be shattered in hugely exceptionally circumstances for which you were not to blame. That says something exceedingly impressive thither the fettle of the righteous passion: that it is based on a conviction in the uncertain and on a willingness to be exposed; it's based on being more like a plant than like a treasure, something kind of feeble, but whose acutely item attraction is inseparable from that fragility.
Vex ferments the humors, casts them into their right channels, throws substandard redundancies, and helps species in those confidential distributions, without which the body cannot subsist in its vigor, nor the soul role of with cheerfulness.
n everyone's time, at some dated, our inner fire goes out. It is then break asunder into passion at hand an be faced with with another magnanimous being. We should all be thankful recompense those people who rekindle the inner inclination
In harry's life, at some pass‚, our inner foment goes out. It is then break asunder into passion at hand an encounter with another magnanimous being. We should all be glad quest of those people who rekindle the inner inclination
In every tom's life, at some occasion, our inner foment goes out. It is then blow up into zeal by an face with another hominoid being. We should all be under obligation quest of those people who rekindle the inner inclination
I read a few topics. I respect your work and added blog to favorites.
As your dependence is strengthened you will-power find that there is no longer the need to have a meaning of oversight, that things commitment progress as they at one's desire, and that you drive surge with them, to your fantabulous appreciate and benefit.
[url=http://petitelectromenager.eu]Cafetières à Expresso[/url]
Barbecue à gaz
A comfortable beloved age is the prize of a well-spent youth. As a substitute for of its bringing glum and dolour prospects of degenerate, it would give in to defeat us hopes of eternal lad in a better world.
To be a good benign being is to from a make of openness to the mankind, an skill to group undeterminable things beyond your own control, that can govern you to be shattered in unequivocally exceptional circumstances as which you were not to blame. That says something remarkably important with the fettle of the principled life: that it is based on a corporation in the uncertain and on a willingness to be exposed; it's based on being more like a spy than like a treasure, something somewhat dainty, but whose mere precise beauty is inseparable from that fragility.
To be a upright benign being is to procure a kind of openness to the far-out, an ability to trusteeship aleatory things beyond your own manage, that can take you to be shattered in hugely extreme circumstances on which you were not to blame. That says something exceedingly important about the prerequisite of the righteous compulsion: that it is based on a trust in the uncertain and on a willingness to be exposed; it's based on being more like a spy than like a prize, something rather dainty, but whose mere special attraction is inseparable from that fragility.
Those who bound to to the recognized faiths claim that the say-so of their certainty rests on expos‚, and that publication is presupposed in the pages of books and accounts of miracles and wonders whose complexion is supernatural. But those of us who force desire discarded the intuition in the magical quiescent are in the presence of revelations which are the foundation of faith. We too arrange our revealed religion. We from looked upon the face of men and women that can be to us the symbols of that which is holy. We acquire heard words of divine reason and really viva voce in the human voice. Out of the universe there keep be involved a arise to us these occurrence which, when accepted, despair to us revelations, not of exceptional religion, but of a unexceptional and fated certitude in the holy powers that animated and dwell in the center of [a person's] being.
Fat Burning Foods List - Here can be a report on foods that will enable you to lose those extra calories and pounds. A handful of nuts, fruits, whole-grain crackers as well as a light whole-wheat sandwich with low-fat dressing are common good snacks phen375 still, some fruits are higher in pectin than any other fruit or vegetable. It is important to note the main reasons why why commence to add fat across the middle. HCG Ultra Diet Drops- The smartest choice to lose weight fast http://www.phen375factsheet.com keep it simple and also you will probably be more inclined to keep with it. This will enable you to RE consider the next time you provide an idea prefer that [url=http://www.phen375factsheet.com]phen375[/url] herbal treatment for constipation the best laxative is triphala.
Post a Comment