Challenging Capitalism and Liberalism
There is a growing challenge to free and democratic forms of government and economically based societies. The rise of nationalism and authoritarian based rule is a result, in part, of the failure of free market systems and democracies to address the fundamental needs of their citizens. In the U.S. “… liberal governance has developed a puzzling preference for legitimating government action through processes rather than outcomes. …” [i]
According to the World Values Survey Association “…there has been a growing divergence between the prevailing values in low-income countries and high-income countries.” [ii] I believe the same divergence between prevailing values of low- and high-income citizens is occurring in the U.S.A. It is difficult to agree on basic values of life when you are excluded from the ability to fairly participate. As David Brooks notes in his recent article, “…only democracy and liberalism are based on respect for the dignity of each person…” [iii] We are not respecting the dignity of each person politically, socially and by government actions.
As a capitalist I believe in free markets, limited government, and limited regulation. I also believe that the human resources are our most important capital. We are failing to invest in our human capital. We are not creating the economic opportunities for all citizens to participate in our economy and become productive.
“…What is needed most is a change in ideas: namely, a reversal of those intellectual trends of the past 50 years or so that have brought us to the current pass….” [iv]
[i] https://www.nytimes.com/2022/05/29/opinion/biden-liberalism-infrastructure-building.html; What America Needs Is a Liberalism That Builds, by Ezra Klein & https://www.niskanencenter.org/the-procedure-fetish/; by Nicholas Bagley, December 7, 2021.
[ii] World Values Survey Association.
[iii] Brooks, David; Globalization Is Over. The Global Culture Wars Have Begun; NY Times, Opinion, April 8, 2022
[iv] State Capacity: What Is It, How We Lost It, And How to Get It Back, by Brink Lindsey November 2021; https://www.niskanencenter.org/wp-content/uploads/2021/11/brinkpaper.pdf