Traditional capitalism is dead. It has been for a while. As far as the really big money and power is concerned, the traditional industries, manufacturing, construction, and transportation, with their long-standing tension between capital and labor, were replaced by finance beginning in the 1980s. Finance is an interesting “industry” because, for all its self-importance, obscene … Read more
In his 1962 book, Capitalism and Freedom, Nobel Prize-winning (1976) economist Milton Friedman (1912-2006) expressed an optimistic vision of commercial exchange that emphasized the idea that both sides could win and that such exchanges were essentially civil. The possibility of co-ordination through voluntary co-operation, rests on the elementary—yet frequently denied—proposition that both parties to an … Read more
We never hear the word “usury” anymore. The early Christian Fathers taught that usury was a sin for which one could be damned to Hell. It was considered to be equivalent to robbery. Usury, of course, is the lending of money for interest. The charging of interest is basic to modern capitalism. Capitalists refer to … Read more
Marxism, at least as implemented in the failed former Soviet Union, was heavily criticized in the United States in 1950s and 60’s as “godless communism.” However, despite the efforts of the Soviet Communist Party to destroy religion by confiscating religious property, harassing, persecuting, even executing believers, and promoting atheism in the schools and in the … Read more
I was in a social situation the other day with a group of people I mostly knew. One of the guests, whom I didn’t know, was wearing a T-shirt that had a picture of an American flag. Above the flag it said, “Welcome to America.” Below the flag it said,”NOW SPEAK ENGLISH.” This shirt offended … Read more
“Selling out” is a common idiomatic pejorative expression for the compromising of a person’s integrity, morality, authenticity, or principles in exchange for personal gain, such as money. Wikipedia An artist or musician who compromises his or her original artistic vision in order to produce more “commercial” work may be accused of “selling out.” A politician … Read more