On May 13, 6:47 pm, Tex <
ritter_...@yahoo.com> wrote:
>blah, blah, blah....
Oh wait,
There's more:
http://www.nytimes.com/2012/05/13/opinion/sunday/fables-of-wealth.html?_r=1&hp
Opinion
Capitalists and Other Psychopaths
By WILLIAM DERESIEWICZ
Published: May 12, 2012
THERE is an ongoing debate in this country about the rich: who they
are, what their social role may be, whether they are good or bad.
Well, consider the following. A recent study found that 10 percent of
people who work on Wall Street are “clinical psychopaths,” exhibiting
a lack of interest in and empathy for others and an “unparalleled
capacity for lying, fabrication, and manipulation.” (The proportion at
large is 1 percent.) Another study concluded that the rich are more
likely to lie, cheat and break the law.
The only thing that puzzles me about these claims is that anyone would
find them surprising. Wall Street is capitalism in its purest form,
and capitalism is predicated on bad behavior. This should hardly be
news. The English writer Bernard Mandeville asserted as much nearly
three centuries ago in a satirical-poem-cum-philosophical-treatise
called “The Fable of the Bees.”
“Private Vices, Publick Benefits” read the book’s subtitle. A
Machiavelli of the economic realm — a man who showed us as we are, not
as we like to think we are — Mandeville argued that commercial society
creates prosperity by harnessing our natural impulses: fraud, luxury
and pride. By “pride” Mandeville meant vanity; by “luxury” he meant
the desire for sensuous indulgence. These create demand, as every ad
man knows. On the supply side, as we’d say, was fraud: “All Trades and
Places knew some Cheat, / No Calling was without Deceit.”
In other words, Enron, BP, Goldman, Philip Morris, G.E., Merck, etc.,
etc. Accounting fraud, tax evasion, toxic dumping, product safety
violations, bid rigging, overbilling, perjury. The Walmart bribery
scandal, the News Corp. hacking scandal — just open up the business
section on an average day. Shafting your workers, hurting your
customers, destroying the land. Leaving the public to pick up the tab.
These aren’t anomalies; this is how the system works: you get away
with what you can and try to weasel out when you get caught.
I always found the notion of a business school amusing. What kinds of
courses do they offer? Robbing Widows and Orphans? Grinding the Faces
of the Poor? Having It Both Ways? Feeding at the Public Trough? There
was a documentary several years ago called “The Corporation” that
accepted the premise that corporations are persons and then asked what
kind of people they are. The answer was, precisely, psychopaths:
indifferent to others, incapable of guilt, exclusively devoted to
their own interests.
There are ethical corporations, yes, and ethical businesspeople, but
ethics in capitalism is purely optional, purely extrinsic. To expect
morality in the market is to commit a category error. Capitalist
values are antithetical to Christian ones. (How the loudest Christians
in our public life can also be the most bellicose proponents of an
unbridled free market is a matter for their own consciences.)
Capitalist values are also antithetical to democratic ones. Like
Christian ethics, the principles of republican government require us
to consider the interests of others. Capitalism, which entails the
single-minded pursuit of profit, would have us believe that it’s every
man for himself.
There’s been a lot of talk lately about “job creators,” a phrase
begotten by Frank Luntz, the right-wing propaganda guru, on the ghost
of Ayn Rand. The rich deserve our gratitude as well as everything they
have, in other words, and all the rest is envy.
First of all, if entrepreneurs are job creators, workers are wealth
creators. Entrepreneurs use wealth to create jobs for workers. Workers
use labor to create wealth for entrepreneurs — the excess
productivity, over and above wages and other compensation, that goes
to corporate profits. It’s neither party’s goal to benefit the other,
but that’s what happens nonetheless.
Also, entrepreneurs and the rich are different and only partly
overlapping categories. Most of the rich are not entrepreneurs; they
are executives of established corporations, institutional managers of
other kinds, the wealthiest doctors and lawyers, the most successful
entertainers and athletes, people who simply inherited their money or,
yes, people who work on Wall Street.
MOST important, neither entrepreneurs nor the rich have a monopoly on
brains, sweat or risk. There are scientists — and artists and scholars
— who are just as smart as any entrepreneur, only they are interested
in different rewards. A single mother holding down a job and putting
herself through community college works just as hard as any hedge fund
manager. A person who takes out a mortgage — or a student loan, or who
conceives a child — on the strength of a job she knows she could lose
at any moment (thanks, perhaps, to one of those job creators) assumes
as much risk as someone who starts a business.
Enormous matters of policy depend on these perceptions: what we’re
going to tax, and how much; what we’re going to spend, and on whom.
But while “job creators” may be a new term, the adulation it expresses
— and the contempt that it so clearly signals — are not. “Poor
Americans are urged to hate themselves,” Kurt Vonnegut wrote in
“Slaughterhouse-Five.” And so, “they mock themselves and glorify their
betters.” Our most destructive lie, he added, “is that it is very easy
for any American to make money.” The lie goes on. The poor are lazy,
stupid and evil. The rich are brilliant, courageous and good. They
shower their beneficence upon the rest of us.
Mandeville believed the individual pursuit of self-interest could
redound to public benefit, but unlike Adam Smith, he didn’t think it
did so on its own. Smith’s “hand” was “invisible” — the automatic
operation of the market. Mandeville’s involved “the dextrous
Management of a skilful Politician” — in modern terms, legislation,
regulation and taxation. Or as he versified it, “Vice is beneficial
found, / When it’s by Justice lopt, and bound.”
An essayist, critic and the author of “A Jane Austen Education.”
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