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May 25, 2012
Mark Clayton: Is Hillary's State Dept. hacking Al Qaeda? Not quite
Erika Bolstad: Temple cancels Wasserman Schultz speech
The Kosher Gourmet by Ethel G. Hofman: The former president of the International Association of Culinary Professionals, whose members included the likes of Julia Child, is back with contemporary Shavous cuisine: Ruby Fruit Soup, Sweet Noodle Kugel with Cheese, Key Lime Curd, Calsone Casserole Frittata with Wild Mushrooms, Sun-dried tomatoes and Olives, Baked Tilapia with Pepper Cheese Cream and Brown Sugar Shortbread
May 24, 2012
Jeff Jacoby: The peace process battered Israel's reputation
Michael Muskal: 'Pro-choice' position hits record low, according to poll
Chris Farrell: Are We in a Tech Bubble?
The Kosher Gourmet by Penelope Wall: PHILLY CHEESE STEAKS --- hold the steak!
May 23, 2012
Tony Pugh: More private colleges offering tuition discounts
Mary Beth Franklin: How to Choose the Right Annuity for You
Tina Susman: The wig wasn't enough: Man gets 13 years for posing as his dead mom
The Kosher Gourmet by Emma Christensen:A simple way to do fish right
May 22, 2012
Warren Richey: Can US group challenge overseas surveillance act? Supreme Court to decide
Thomas M. Anderson: Walking Away From a Mortgage
The Kosher Gourmet by Megan Gordon: Enjoy a celebration of the most rich and layered flavors: Black bean, sweet potato and quinoa chili
May 21, 2012
Mark Clayton: Cybersecurity: How US utilities passed up chance to protect their networks
Howard LaFranchi: NATO summit: Who will foot the bill for long-term Afghanistan security?
Chris Farrell : Earn Dividends in Emerging Markets with This WisdomTree ETF
Stephen Whiteside, Ph.D. : Mayo Clinic Medical Edge: Social anxiety disorder --- or just shy?
Guy Jackson : Victim's father regrets death of Lockerbie bomber
The Kosher Gourmet by Mario Batali: Famed chef's veal shoulder farsumagru: A festive meat course for late spring
May 18, 2012
Rabbi Berel Wein: Striving: The People of the Book's Book for (All of) the People
Steven Goldberg: 5 Great Stock Picks and the Exchange-Traded Fund that Owns Them
Mary Pickett, M.D.: Ask the Harvard Experts: Don't be forced into gluten-free lifestyle based merely on a doctor's false-positive test
The Kosher Gourmet by Carolyn Malcoun: DIY healthy lunchbox treats: HOMEMADE FRUIT BARS for kids and brown-bagging adults alike
May 17, 2012
Warren Richey: Teacher fired for being unwed and pregnant can sue religious school, court rules
Josh Mitnick: Netanyahu's 'centrist' coalition is already proving it's anything but
Steven Goldberg: Earn Dividends in Emerging Markets with This WisdomTree ETF
Amina Khan: Research links coffee to lower death rates
The Kosher Gourmet by Faith Duran : Cheesy Potato Breakfast Casserole with Cheddar and Sun-Dried Tomatoes
May 16, 2012
Carmen Terzic, M.D., Ph.D. : Mayo Clinic Medical Edge: A variety of exercises can help improve balance
Melissa Healy: National strategy on Alzheimer's disease aims to halt it by 2025
The Kosher Gourmet by Joyce White : GOODNESS GRACIOUS: GREENS! 4 winning recipes that are no longer just for down-home folks (Includes expert tips & techniques)
May 15, 2012
Kristen Chick: Obama administration resumes arms sales to Bahrain despite serious unresolved human rights issues. Activists feel abandoned
Pat Mertz Esswein: Homes are now affordable again and mortgage rates are low. What you need to know before you buy
Kathy Kristof: Our Practical Investor Fights Inflation with These 6 Investments
Sue Hubbard, M.D.: The Kid's Doctor: Lactose intolerant young child? Check again
The Kosher Gourmet by Kathy Hunt: Spread a Little Excitement with EXOTIC CONDIMENTS (4 RECIPES)
May 14, 2012
Lisa Gerstner: How to Protect Your Identity, Finances If You Lose Your Phone
Harvard Health Letters: Heart disease and dementia
The Kosher Gourmet by Megan Gordon: MANGO COCONUT OAT MORNING MUFFINS are a bright but hearty delight
May 11, 2012
Jessica L. Anderson: Get the Best Deal on a Used Car
Jett Stone: Forget face-lifts and fake knees. Scientists have seen the fountain of youth --- and it's broccoli
The Kosher Gourmet by Chef Mario Batali: The famed chef's vegetable dish that tastes true to the season: FAVAS AND SUGAR SNAP PEAS WITH POTATOES AND TARRAGON
May 10, 2012
Sergei L. Loiko: Putin sends warning to U.S., NATO in Victory Day speech at Red Square
Mary Rourke: How being a 'mentch' got Vidal Sasoon his start and fighting in Israel's War of Independence provided him with confidence and a strong sense of his own identity
Jeff Bertolucci: Get Home Phone Service for Less Than $10 a Month
The Kosher Gourmet by Betty Rosbottom: Gleaming with its golden, crimson, and snowy white hues, this silken smooth and creamy STRAWBERRY ORANGE TRIFLE looks impressive, but is easy to prepare
May 9, 2012
Sharon Palmer, R.D. How you can reduce your risk -- or delay -- chronic diseases associated with aging
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Jewish World Review
Capitalism in Time Saves Mine
By
Ron Hart
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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
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© 2010 Ron Hart
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