Insights from my good friend, Nigel Ashford, in the superb publication, THE FREEMAN.
Americans on the political “Left” support policies that tend to undermine individual liberties and personal property whenever these are in conflict with the plans and goals of Government.
Now self-christened as “Progressive”, the primary tool in support of their political agenda is income or wealth redistribution on the grounds that the State has a primary claim to earnings.
As such, Progressive policies support the appropriation of some through inflation or taxes to give to others in the form of government benefits, contracts or programs.
Progressives insist that the Constitution is a “living organism” that must be interpreted as circumstances change. Otherwise, it will interfere with their agenda to expand government control despite the fact that such actions will reduce individual freedom.
In turn, Progressives rank the interests of an abstract notion of community as being superior to the interests of flesh-and-blood individuals.
Unlike other “isms, Capitalism is not an ideology and is not imposed as part of a political project. Since Capitalism as the manifestation of individualism, it does not even constitute a social structure, per se.
As it is, Capitalism is a natural and un-designed outgrowth of human actions. While Communism, Fascism and other variants of socialism impose structures to guide or force behavior, Capitalism involves human freedom to create and share wealth.
Capitalism is a natural condition that involves capital being accumulated to be directed towards wealth creation that serves the community. And it provides the possibility for everyone to discover how best they can serve a community. Since those with abilities valued by others can find work or earn profits for what they create, this will encourage a focus of individual energy towards greater self actualization.
Most human advances have come from a very few people rather than from the masses. Just as a few scientists or inventors were the source of so many improvements in life, a relatively few creative entrepreneurs are the basis of sustained economic growth.
Unfortunately, this can lead to instability if democracies allow jealousy of success to lead to claims for greater equality under the guise of socialism or communism or the welfare state. But politically-imposed, coerced redistribution of income or wealth is inimical to human freedom and undermines the incentive for wealth creators to contribute to general welfare.
The lack of a plan to control government spending poses a much greater threat to America’s credit standing than uncertainty over whether the debt limit will be raised.
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