And that's how democracy and a free economy die.
An astute reader asked me to clarify the difference between individual sacrifice and shared sacrifice in the context of the Common Good, which as he rightly noted, dictatorships use as the justification for oppressive enforcement of a regime that benefits the few at the expense of the many.In a democracy with a free economy, the Common Good is the responsibility of the citizenry, not a dictatorship. In the current zeitgeist, the Invisible Hand of free markets is understood as a magical force that automatically generates the Common Good out of the churn of everyone aiming to get rich or die trying.
In other words, the Common Good is somebody else's responsibility: there's no need for shared sacrifices, the economy and society take care of themselves as we all get rich or die trying.
This isn't how a society actually works. Somebody has to mind the store of social capital that enables us to focus our energy on individual sacrifices made on our own behalf.
The single-minded pursuit of greed does not magically organize the economy or society to serve everyone's interests equally. As Adam Smith explained, capitalism and the social order both require a moral foundation, which in a free society takes the form of civic virtue: it is the responsibility of every citizen who is able to contribute to the social capital that serves us all to do so not in response to an oppressive state but of their own free will............
Old Money , rooted in a place and its history, does care about the local economy, populace and its stock of social capital. Yes, Old Money makes money with its money; that is the nature of capital. But Old Money understands that stripmining assets with zero concern for the wreckage left behind does not support either democracy or a free economy that offers a somewhat level playing field to all participants.
This is why it's wise to relocate to a place where Old Money still resides and still maintains an active role in maintaining the social capital of their home base. Living in places dominated by the culture and values of private equity is voluntary servitude in a rotting ship without a compass or leadership.
This is why it's wise to relocate to a place where Old Money still resides and still maintains an active role in maintaining the social capital of their home base. Living in places dominated by the culture and values of private equity is voluntary servitude in a rotting ship without a compass or leadership.
Old Money keeps an eye on the stock of social capital, and voluntarily engages in using its wealth and influence to preserve or enhance it. Mobile capital flits around the globe, happy to fund a university building here and there to enhance their personal "brand." They don't actually care about any place; that's someone else's responsibility.
And that's how democracy and a free economy die. The glue of civic virtue, of doing the hard part of maintaining the stock of social capital and devoting some care to the common good in this place and in this time --those are somebody else's responsibility.
Me, I'm busy: my underlings located an asset just begging to be dismembered, offshored, stripmined, and we're going to make a killing. Then I'm off to my flat in London, then to my getaway in the South Pacific, and then to a quick meeting in Shanghai. I'm busy making a killing.
Me, I'm busy: my underlings located an asset just begging to be dismembered, offshored, stripmined, and we're going to make a killing. Then I'm off to my flat in London, then to my getaway in the South Pacific, and then to a quick meeting in Shanghai. I'm busy making a killing.
Yes, a killing. What died is democracy and a functional economy of equal opportunity. Once the glue melts away, things fall apart. Welcome to what's left of the 2020s and the 2030s.
