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April 9, 2014

Jonathan Tobin: Why Did Kerry Lie About Israeli Blame?

Samuel G. Freedman: A resolution 70 years later for a father's unsettling legacy of ashes from Dachau

Jessica Ivins: A resolution 70 years later for a father's unsettling legacy of ashes from Dachau

Kim Giles: Asking for help is not weakness

Kathy Kristof and Barbara Hoch Marcus: 7 Great Growth Israeli Stocks

Matthew Mientka: How Beans, Peas, And Chickpeas Cleanse Bad Cholesterol and Lowers Risk of Heart Disease

Sabrina Bachai: 5 At-Home Treatments For Headaches

The Kosher Gourmet by Daniel Neman Have yourself a matzo ball: The secrets bubby never told you and recipes she could have never imagined

April 8, 2014

Lori Nawyn: At Your Wit's End and Back: Finding Peace

Susan B. Garland and Rachel L. Sheedy: Strategies Married Couples Can Use to Boost Benefits

David Muhlbaum: Smart Tax Deductions Non-Itemizers Can Claim

Jill Weisenberger, M.S., R.D.N., C.D.E : Before You Lose Your Mental Edge

Dana Dovey: Coffee Drinkers Rejoice! Your Cup Of Joe Can Prevent Death From Liver Disease

Chris Weller: Electric 'Thinking Cap' Puts Your Brain Power Into High Gear

The Kosher Gourmet by Marlene Parrish A gift of hazelnuts keeps giving --- for a variety of nutty recipes: Entree, side, soup, dessert

April 4, 2014

Rabbi David Gutterman: The Word for Nothing Means Everything

Charles Krauthammer: Kerry's folly, Chapter 3

Amy Peterson: A life of love: How to build lasting relationships with your children

John Ericson: Older Women: Save Your Heart, Prevent Stroke Don't Drink Diet

John Ericson: Why 50 million Americans will still have spring allergies after taking meds

Cameron Huddleston: Best and Worst Buys of April 2014

Stacy Rapacon: Great Mutual Funds for Young Investors

Sarah Boesveld: Teacher keeps promise to mail thousands of former students letters written by their past selves

The Kosher Gourmet by Sharon Thompson Anyone can make a salad, you say. But can they make a great salad? (SECRETS, TESTED TECHNIQUES + 4 RECIPES, INCLUDING DRESSINGS)

April 2, 2014

Paul Greenberg: Death and joy in the spring

Dan Barry: Should South Carolina Jews be forced to maintain this chimney built by Germans serving the Nazis?

Mayra Bitsko: Save me! An alien took over my child's personality

Frank Clayton: Get happy: 20 scientifically proven happiness activities

Susan Scutti: It's Genetic! Obesity and the 'Carb Breakdown' Gene

Lecia Bushak: Why Hand Sanitizer May Actually Harm Your Health

Stacy Rapacon: Great Funds You Can Own for $500 or Less

Cameron Huddleston: 7 Ways to Save on Home Decor

The Kosher Gourmet by Steve Petusevsky Exploring ingredients as edible-stuffed containers (TWO RECIPES + TIPS & TECHINQUES)

Jewish World Review

Capitalism in Time Saves Mine

By Ron Hart




http://www.JewishWorldReview.com | "It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest." --- Adam Smith

An interesting side debate has emerged in the wake of last week's rescue of the thirty-three Chilean miners who were trapped two thousand feet underground for more than two months. Was it capitalism that got the miners out of their hole, or was it government?

The miners came out squinting like men being perp-walked after a late afternoon raid on a strip joint by a sheriff running for reelection, just in time for the evening news.

Hardballer Chris Matthews (except when he interviews Democrats and then he is a soft- baller) used the event to take a swipe at the left's new enemy, the Tea Party. Had the Tea Party had its way, he opined, all the miners would have killed each other. In fairness, had the left had their way, they would have declared the mine a gay night club and given it stimulus money.

It is clear to me that it was innovative and profit-driven "evil" businesses that had the heft and know-how to spring the trapped men from the mine. Similar to the case of our Gulf oil spill, government did not have the intellectual capital or the tools (ironic, because there are so many tools working in government) to remedy the situation. They had to rely on the expertise and the business imperative of the private sector.

Also much like the Gulf oil spill in that that the Minerals Management Service was in bed with BP (the firm with more than 90% of the safety violations but still allowed to operate, thanks to being the #1 donor to Obama and other politicians), the Chilean government also failed in its task to regulate this mine.

Speaking of a group trapped way underground in the darkness, the Obama administration has tried to take the credit for the successful rescue. Various religious organizations, excited about the prospect of marketing to an emerging economy like Chile, also took credit. There was even keen interest expressed by some Catholic priests when they thought they heard that there were male minors trapped.

The reasoned observer would logically conclude that, without the research and development of cutting edge U.S. companies, these miners would still be like our economy: stuck well below where it should be for longer than it should be. Capitalism innovates, rejuvenates and provides. As The Wall Street Journal's Dan Henninger points out, it was a 74-person small business in Berlin, Pennsylvania that created the drill, based on (make the children leave the room as you read these two newly dirty words) "profit motive," to free these miners.

Many are all too willing to acquiesce to the rule of a dictator who promises to keep them safe when, in reality, there is no government in history that has succeeded in doing that. In fact, government cannot even protect its citizens from itself. The best chance we have at being protected from business is that, if it makes a mistake, it will be costly in the court system and in the court of public opinion. Reputation is a business' greatest asset; it determines its success or failure. It is protected as a sacred thing, since it is the source of future income.

Chile is not officially considered the Third World any more, although by the dress of the rescue onlookers, no one has taken the time to tell the Chileans.

Compared to countries like Venezuela, run by evil dictator Hugo Chavez, Chile is probably the most business-oriented country in the region because it listened to free-market economists Milton Friedman more than twenty years ago. According to the CIA fact book, in 1985 Chile had about $1,300 GDP per capita on a purchasing-power basis. After years of economic reform in the direction of capitalism, it now has over $15,000 per capita. As a result, Chile was more open to the help of Western capitalists in solving the mine problem, and it worked.

As P.J. O' Rourke mused about non-capitalist countries that, because of government-controlled planning, do not produce the goods a country really demands, "You can't get good Chinese takeout in China and Cuban cigars are rationed in Cuba. That's all you need to know about Communism."

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JWR contributor Ron Hart grew up in Tennessee and began writing a column for his hometown paper in 2002. He attended The University of Memphis and the Institute for Political and Economic Systems at Georgetown University. Ron graduated Magna Cum Laude and was elected student government president. Upon getting his MBA, he went to work for Goldman Sachs. He was appointed to the Tennessee Board of Regents by then Governor Lamar Alexander and is now a private investor. He appears on CNN and has been quoted in numerous publications including the Wall Street Journal.

Every weekday JewishWorldReview.com publishes what many in the media and Washington consider "must-reading". Sign up for the daily JWR update. It's free. Just click here.



Previously:

The Broader Picture of What These Elections Mean

Dem-moralized: ‘Dead Fish’ taken to the trash cant

Ships Passing in the Night

Obamanomics continue to add up . . . for Republicans

She had Tiger by the tail: If Elin did not get Tiger's money, Obama would have


© 2010 Ron Hart

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