The Time Bomb of Unchecked Capital:
From a capitalist perspective Bill Gate’s ideas make a ton of sense. You are empowering 1/3 of the economy to become producers and consumers, rather than them creating a downward spiral of strife. Second, if Gates had come around 10 years ago perhaps we wouldn’t have had a 9/11 or the middle east instability which is driving our gas prices to 3 times what they were a decade ago and creating crushing debt for this generation and the next. Spreading AIDS in Africa, Asia, and Russia is a prescriptions for disaster and perhaps even conflict. The woes of terrorism are much higher in a world of unemployment and lack of hope. Those two disasters could independently bring capitalism on a global scale cowering to its knees. Ignoring it or just letting the hyper-free market just sort it out is waiting on a ticking time bomb.
Protectionist Redux:
Rising wealth among the poorest and the middle class will also make it less likely for nations to resort to protectionist measures that are anti-free trade.
A Theory Far Past its Prime:
Its time to re-define the rules of capitalism to mean more than just procedural free markets. The world that Ayn Rand, Robert Nozick, and the like addressed is radically different than the one we have today. Allowing the free market to unleash itself–without taking into account ultimate ends–innocent kids with Aids who won’t even get a chance to participate in the global economy. Allowing teen mothers to get wrapped up in dehumanizing forms of slavery, child soldiering, and sexual slavery is not a free market I want any part of.
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1. For the record: economics 101 says that resource inequality will create inequalities in wealth. The geography and infrastructure guarantees bad economies of scale for these countries, which means that capitalism is failing them.
2. Foreign aid represents about 1% of the overall budget, compared to pork barrel spending, waste, ill advised subsidies, and military spending on unneeded technologies, it should not be the target of libertarians.
3. Written in response to an indictment of Bill Gates Creative Capitalism
11 responses so far ↓
Jeff Q // February 14, 2008 at 5:51 am |
“9/11 or the middle east instability which is driving our gas prices to 3 times” – can you site a reference to support this statement?
Mr. Nice Guy // February 14, 2008 at 4:32 pm |
The level of regurgitated ignorance, misinformation and just plain lies in this whole thing is breathtaking. Did you cultivate this ability or is it just standard public school training these days?
compassioninpolitics // February 14, 2008 at 7:00 pm |
@ Jeff Q. My only reference is personal experience. Gas in Tennessee was between .80-1.25 from 1997 to 2001 . Gas now hovers around 3.10 and has been as high as 3.30. If you assume that gas as 1.07 in 2000, then thats a full three times the price. (So, its probably more accurate to say that the price multiplied by 2.5-2.8 times)
This chart reflects only a doubling in price, but thats still incredibly significant as a price spike
http://zfacts.com/p/35.html
@ Mr. Nice Guy. Apparently you like irony. If you have problems with any specific content of the post, I will be glad to discuss it point by point
Jeff Q // February 15, 2008 at 1:09 am |
cp: obviously the gas increase is the easy part of your observation. The relationship to 9/11 or middle east instability is the part requiring support.
compassioninpolitics // February 15, 2008 at 4:50 am |
At the very least there is a slight correlation between the time of instability and oil prices. Common Dreams correctly highlights:
When in doubt, ask the experts. Red Cavaney, president of the industry trade group American Petroleum Institute–not left-leaning types–puts the blame squarely on the invasion of Iraq, where unrest and violence has reduced production to less than they were under Saddam in the world’s second-largest supplier. Traders of oil futures fix the price per barrel based on their expectations of political stability, especially in the world’s largest oil-producing nations. And they don’t like what they see in Iraq. “As soon as you can stabilize the civil situation,” says Cavaney, “[Iraq will] significantly be able to ramp up production. But it would take years.”
The chart of the crucial “light sweet crude oil” futures index reads like a barometer of political tension in energy-producing hotspots. Oil, hovering around $27 a barrel in 2001, spiked to $38 when the United States went to war against Afghanistan–a potential oil pipeline route and neighbor to several large producers. It jumped from $33 to $40 in February 2003, just before the U.S. attack against Iraq. Insurgents have blown up pipelines and refineries there ever since, causing a steady climb to $76.
Adding to the high cost of crude oil, says former Louisiana senator and oil company lobbyist Bennett Johnston, is the Bush Administration’s “saber rattling” against Iran. “We’d see gasoline prices of $5 or $6; crude oil above $100 if we bomb Iran,” he predicts.
(URL: http://www.commondreams.org/views06/0503-34.htm)
The Examination of Nathan Ketsdever « Slacker Online // February 17, 2008 at 6:11 am |
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opit // February 18, 2008 at 7:53 pm |
Sounds like you’ve been hanging around “The Oil Drum” at the very least. A “Common Dreams” fan obviously is somebody starting to know how many beans make five.
Do you enjoy the sock-puppets ? It doesn’t seem to matter how small a blog is, trollery and ‘talking-points’ abound.
Wendy // March 15, 2008 at 3:15 am |
Ms. Compassion, the “ultimate end” is the individual, not kids with AIDS, teen mothers, etc. I am entitled to my freedom, and if you are concerned about the welfare of others in other countries, pay for it out of your own pocket and stay away from mine and that of other capitalists.
To clean up a point: To speak of slavery and child soldiering as being part of a free market is a contradiction in terms.
slacker // March 31, 2008 at 4:41 am |
Sorry, your reasoning is weak. Full details: http://grandslacker.wordpress.com/2008/02/17/the-examination-of-nathan-ketsdever/
val cardwell // May 19, 2008 at 5:30 am |
speaking as a communist of the cuban/chavas/bolivia stripe i can only see decency and justice where socialism exists. the whites and particularly bill gates and his sneaky scientists should get their hands off the africans they use as guina pigs for the betterment of white racists. the article was too mild.
Mike Renzulli // August 4, 2008 at 6:17 am |
I disagree as the philosophies and the free market they advocate are alive and well. Check out the post at my web blog that delves into the real reasons why the economy is in such bad shape.