Globalization, free markets, human dignity, wealth, greed–the list of newest taglines and catch-phrases in our ever-changing, perfecting, disagreeing society seems to ramble on longer than last nights’ Snuggie infomercial (or this sentence, for that matter). But with an in-depth review of the aforementioned terms, no scholar, physician, cook, television star, racecar driver or dentist could argue with capitalism’s ability to positively affect the morality of the citizens who live everyday by, within, or under its guiding principles.
Arguably, during Kennedy’s time as president, the public servant was seen as the embodiment of the great American individual. By the time Reagan entered office, a cultural shift was beginning to occur, and the rise of the entrepreneur was identified. This new entrepreneurial focus and picture of capitalism in the United States was identified by the free market and lack of viable alternatives to a capitalist system.
It is argued that the anxiety of capitalism goes back to Adam Smith when he painted the portrait of a typical American business owner in a negative light. Entrepreneurs and other businessmen and women may indeed be motivated by gain and may also begin their ventures from self-interest. However, without a decent amount of focus on customers and a potential target market, the entrepreneur will undoubtedly fail time and time again.
Author Dinesh D’Souza points out in a lecture at the University of Pacific that the great achievement of America has been moving the poor into the safety and security of the middle class. In recent years, America has taken a significant number of middle class citizens and moved them into the “affluent” class, or group of individuals who have achieved the financial stability that allows for discretionary income.
The closing of the gap on the scale of wealth has created a better place to live. Because the west has developed a system to close that gap, people live happier and more successful lives. The rich are still rich, but with the increase of capitalism, improved medicine, technology and government’s hand, the poor are still awarded the benefits of life and maintain a comparatively higher standard of living than many defined as such in the history of America.
Tom Brokaw’s book, “The Greatest Generation,” argues that the virtues of the greatest generation were by-products of decades of scarcity and worry. Unfortunately, the greatest generation did not replicate itself throughout the next generation–which may be attributed to the hope of greatest generation parents to provide for the children what they were not initially given.
Early on, capitalism had no rivals, especially in economics and efficiency (and still doesn’t). But perhaps the strongest critique of a capitalist system is its lack of moral consistency, or worse yet, lack of moral subscription at all. The portrait of the businessman or businesswoman hasn’t changed. Markets and the people that drive the markets are in turn driven by selfishness and greed.
But a successful case for the morality of capitalism is undeniable. And in fact, it is the theory I accept as most valid. The very foundation of a capitalist system is freedom of choice, thereby creating a conducive environment for character to develop and morality thrive. Undoubtedly, entrepreneurial success rewards moral behavior and participants in a system that promotes and permits self-decision and responsibility. Those who initially seek business ventures or opportunities may indeed be driven by selfish ambition, but once capitalism grabs hold, each entrepreneur transforms from a potentially self-righteous, greedy individual into a serving, thoughtful and selfless businessperson–or at least a transformation is obtainable.
The inherent structure of capitalism gives rise to the need for entrepreneurs who are customer-focused and driven by their own desire to meet the needs of their potential market time and time again, instead of the self-interest that may have originally attracted them to the business world, thereby idealizing entrepreneurship. Capitalism has, in fact, given rise to an increasingly morally focused business culture.
In no way is capitalism perfect. I’d be silly to wholeheartedly buy into a system that has obvious flaws. But I do know this: while it may not be the only way reach or achieve “the common good,” it remains ruled by justice and has continued to provide Americans and others with the chance to do ‘the right thing’–an opportunity that must not be taken for granted.
Heatherly is a senior majoring in marketing and journalism. Comments can be sent to danika.heatherly@whitworthian.com.
OPINION: Capitalism promotes morality in business
Published: Monday, October 26, 2009
Updated: Monday, October 26, 2009
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MaStars - Mothers Against Stuff That Ain't Right
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Bessemer MI USA