BBC ponders the immorality of capitalism. Surprised?
I woke to the BBC's World Service the other night to hear about a new electrification program amidst African poverty. Unlike previous electrification efforts, this one was 1) for profit and 2) not showing signs of abandoning its effort. Previous efforts had been either based on charity or state direction. When priorities changed, the electrification was abandon. Apparently (alert: this is not news to those who have a cursory knowledge of Adam Smith), the profit motive focuses the attention of the electric providers to continue providing electricity. To be more accurate, companies making money by providing a service are less fickle than those who give gifts or the state. The kicker is this: after discussing how the locals were benifiting in no uncertain terms, and how the project dis not appear to be going the way of previous efforts, the corespondant asks the business man if he doesn't feel that it is immoral to make a profit among such poverty. Hmmm, moral would be free failure, but isn't it immoral to actually provide success if you're making a profit at it. This really says so much about the BBC. When failed socialism is better than successful capitalism, the world is upside down. For the record, I'd also say that successful socialism is better than failed capitalism. See, its the success and the failure to meet needs, provide goods and services, and otherwise perform the functions of an economy that are at issue here, not whether they conform your Platonic form of a good economy. I'll add that capitalism and socialism are systems that not only meet needs differently, they also meet different needs.
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