Economy & Budget

The Other Side of a Beast

Drenched in blood, the American financial system has awakened critics of capitalism around the world.

Could this be the end of American capitalism as we know it? There appears to be no clear answer to this.

So where is the finger being pointed? It appears that at some point in time everyone has had the finger pointed at them.

You can’t blame everyone. Yet there has been a universal, quintessential incentive for those involved in the economic downturn: greed, or, in order to preserve political correctness, self-interest.

Those chasing quick and easy gains set the American financial markets ablaze, and this was premised with self-interest. The borrower’s self-interest was in living the American Dream by acquiring a home. And, if they could make a little money on the side, flipping houses or buying investment properties was fairly easy in this new market. After all, creative mortgages, such as a negative amortization loan, facilitated extracurricular investing.

I could articulate the self-interest of everyone down the line, such as: the real-estate agents and brokers making enormous commissions, to the firms hustling for new business, and even those who repackage these loans to sell to investors.

But I am sure you get the point. There is no doubt that this type of self-interest has given capitalism a black eye. Yet, in the wake of this disaster, it is easily forgotten how self-interest prevalent in market economies has literally exalted the position of humanity in even the most obscure places. Self-interest has illuminated life on earth by many an entrepreneur who has chosen to commercialize life-changing technology. Self-interest has made people communicate better, heal better and live more productive lives. The stigma attached to self-interest prevalent in capitalism needs to be seen for what it is.

I am not trying to advocate for CEOs of investment firms who have destroyed American lives through irrational exuberance. However, even with emotions flowing from the hearts of Americans who have lost faith in a neo-liberal economic framework, reconsideration of self-interest should be taken into account simply due to its ability to change lives around the world.

In the end, I have faith people will realize that the self-interest present in capitalism makes the world a better place. As well, people will begin to realize that gigantic market bubbles do not serve their best self-interest. With this being said, capitalism may clean its hands and get back to work.

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Tags Capitalism Economic ideologies Economic liberalism Economic systems Economics Economies Market economy Sociology

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