Stossel: Can Greed Work in a Free-Market Economy?


#1

Personally I think he’s using the word “greed” wrongly. I do agree with his points about “enlightened self interest” but I don’t buy into the Objectivist view that everything, even good acts and acts of charity, should be done strictly out of self interest. I do believe that when we do good things it helps us, but I think that it’s important to do them because they are good, not because they are good to us.

In regards to economics, capitalism is the most moral economic system known to man. No other system has gotten so many people out of poverty. Through production and trade we lift people out of poverty. But before that, we need to respect property.

I like the points they make about how trade, even with foreign countries which may seem like “out sourcing” or “shipping jobs overseas” is beneficial to us. Free markets create prosperity.


#2

Jebby, JohnGalt recently added this rule, which forbids posting videos without comments. Since the rule is new and you are obviously not a spamster I’m giving you several hours to add your comment about points John Stossel made or about why you think the video important to view before deleting this thread as that new rule says will happen.

PeteS


#3

Hey, didn’t see the new rule, it makes sense though. Thanks for the heads up!


#4

I abhor Stossel’s vulgarity in this piece. With “friends” like Stossel, free markets hardly need enemies. As Adam Smith pointed out, self-interest moderated by a sense of justice is the virtue of prudence. Self-interest without moderation by a sense of justice is the vice of avarice; greed. The con-artist is motivated by “greed”; is this “good”? Stossel is mind-bogglingly stupid on this point.