I was thinking more of complete laissez faire type capitalism that existed during the robber baron period of American history. A economic system that allows working children in factories and the Chinese to death building the railroads is what I was referring to.
Originally Posted by OliviaHoward
I was unclear on this point. Now that you’ve explained it, I can say I agree. I know what high school history books say about Robber Barons and
laissez faire capitalism, but what actually existed is what PJ so affectionately refers to as “crony capitalism.” Adam Smith, in his
Wealth of Nations, maintains that the role for government in a true capitalistic system is to provide a level playing field for all competitors. By that, he meant that government should never favor one competitor over another and should also insure that no one competitor had an unfair advantage over another. In the U.S., that premise was violated throughout the later part of the 19th century. During that period, railroads were the dominant economic interests in the United States. The government often offered the railroads subsidies—the federal government supported the transcontinental lines and state and local governments supported the development of secondary routes—for important undertakings which required far more capital than private entrepreneurs could raise by themselves. The end result was the rise of the Robber Barons. One of my favorite anecdotes from this period is about a particular Senate session of the Pennsylvania legislature in the 1870s that was ended with these words, “
The Pennsylvania Railroad, having no more business to come before this chamber, we stand adjourned.” For decades afterwards, the Pennsylvania Railroad’s lobbyist was referred to as the state's unofficial “51st senator” (then, as now, the Pennsylvania Senate had 50 members).
I would like to think that here in America we can avoid moving any farther towards socialism. I think socialism is a rather childish and false sensitivity. I believe, in theory at least, we are all created equal, but nowhere are we promised an equal outcome in life. To me, that is what socialism promises, and that something will never happen. It's a dream dreamed up by dreamers.
Originally Posted by OliviaHoward
I agree.
I wonder how aware we were of the impending Egyptian Revolution.
Originally Posted by OliviaHoward
My statement was based on news reports like these:
US Didn’t See Egypt Coming Saturday, 5 February 2011
Speaking to the Senate Intelligence Committee yesterday, CIA official Stephanie O’Sullivan said that President Obama had actually been brief about the “instability” in Egypt late last year, though they had no information that such a massive revolution would arise, nor what form it might take.
http://www.siasat.com/english/news/u...e-egypt-coming
http://voices.washingtonpost.com/pos...ama_ignor.html
Young Leaders of Egypt's Revolt Snub Clinton in Cairo
March 15, 2011 1:17 PM
ABC News' Kirit Radia and Alex Marquardt report:
A coalition of six youth groups that emerged from Egypt’s revolution last month has refused to meet with Secretary of State Hillary Clinton, who arrived in Cairo earlier today, in protest of the United States’ strong support for former Egyptian President Hosni Mubarak who was ousted by the uprising.
http://blogs.abcnews.com/politicalpu...mments/page/4/
Let me add this for comparison: In the late 1970s, the Shah of Iran tried to institute democratic political reforms. He did this to appease the Carter administration’s demands for change. The consequence was that Carter’s policies emboldened secular reformers to aspire for changes greater than the Shah was willing to permit. Once the revolution was underway, the Carter administration fully expected the Shah to use the forces at his command to hold his place. Meanwhile, the Shah vacillated. In the long run, the Shah did very little to preserve his position because of the mixed messages he was receiving from the Carter administration: 1) public messages calling for democratic reform, and 2) private messages encouraging him to hold his positions with the means he had at his disposal. (pp. 30-31, Robert Jervis.
Why Intelligence Fails: Lessons from the Iranian Revolution and the Iraq War (Cornell Studies in Security Affairs). Ithaca: Cornell University Press. 2010. pp. ix, 238.)
History may not repeat itself, but it does rhyme a lot—Mark Twain