Diary

Romney's capitalism vs. a free market economy within a republic

I believe in the best interest of the voter, Governor Romney should be pressed to elaborate on specific outcomes of Bain’s acquisitions. But, he needs to be pressed in a way that cannot be in any way perceived  as an attack on free market enterprise. I believe overall, most people understand that sometimes in order to save some jobs and pensions, the company must cut some jobs and pensions. Capitalism is awe-inspiring, but unless speaking with a purest, most economists agree capitalism is not a perfect economic system because it cannot stand alone. It is always going to be an economic system within a form of government.

This is how I see it. The US distinguishes itself from other countries by balancing a limited federal government with individual liberties. Our country would not have prospered otherwise.  I believe our economy distinguishes itself from other countries for the same reason. When both sides of the coin (pun intended) are respected, individual liberties and free market capitalism, our economy works. It seems a very delicate balance.

Capitalism without cognizance of the individual is like cancer. Eventually, if left unchecked, it kills its host (our country) and thereby kills itself (no country, no economy). Our founding fathers incorporated checks and balances into the constitution by way of amendments and three distinct branches of government. Capitalism needs checks and balances. Not, however, to be misconstrued as over regulating.

Individual freedoms can be taken to the extreme, as well. Ideologues tending to lead labor organizations are equally at risk of killing its host (the company) if left without limiting its demands.

The image I cannot seem to clear from my thoughts is Mitt Romney and his Bain Capital associates huddled together with money-stuffed pockets. Romney did not choose a photo opportunity with corporate representatives of the companies Bain rescued, or the employees whose jobs were saved, he chose instead to emphasize the large sums of money he made for himself. Is it legal? Absolutely.  Is it capitalism at its best? Absolutely not.

The photo, for me, is a gross example of hubris and greed, not a free market economy with individual liberties. Shifting relevance from one’s freedom to another’s liberty is expected, but there is no choice but to be informed of the other.

Individuals succeed when corporations succeed and vice versa. I believe Mitt Romney’s version of capitalism is a complete misrepresentation of a free market economy within a republic, broadly and in particular, the United States.