One of the flaws in Capitalism 1.0 is that fairness has often been compromised, justice has often not even been considered. In 2.0, we have to pay attention to justice much more minutely!
Here’s John Galt on the topic: “Justice is the recognition of the fact that you cannot fake the character of men as you cannot fake the character of nature, that you must judge all men as conscientiously as you judge inanimate objects, with the same respect for truth, with the same incorruptible vision, by as pure and as rational a process of identification—that every man must be judged for what he is and treated accordingly, that just as you do not pay a higher price for a rusty chunk of scrap than for a piece of shining metal, so you do not value a rotter above a hero—that your moral appraisal is the coin paying men for their virtues or vices, and this payment demands of you as scrupulous an honor as you bring to financial transactions—that to withhold your contempt from men’s vices is an act of moral counterfeiting, and to withhold your admiration from their virtues is an act of moral embezzlement—that to place any other concern higher than justice is to devaluate your moral currency and defraud the good in favor of the evil, since only the good can lose by a default of justice and only the evil can profit—and that the bottom of the pit at the end of that road, the act of moral bankruptcy, is to punish men for their virtues and reward them for their vices, that that is the collapse to full depravity, the Black Mass of the worship of death, the dedication of your consciousness to the destruction of existence.”
And here is Joseph Stiglitz on Obama’s plan for dealing with banks: Obama’s Ersatz Capitalism in the New York Times this week. Please read the article, and ask a few questions, like, whom is he rewarding and for what reason? And whom is he punishing?
This segment is a part in the series : Capitalism 2.0