Greenspan is Right - Capitalism Does it Better
By David
I am currently halfway through former U.S. Federal Reserve chairman, Alan Greenspan’s new book The Age of Turbulence: Adventures in a New World. It’s a good read, far from the dusty tome of economic theory you might expect to come from that source. He admits to being a lifelong Republican, but makes little secret of his dislike for the current President or his admiration for the manner in which Bill Clinton ran the country. It appears Bill Clinton may have been a stauncher supporter of Republican values than his successor. Controlled spending, budget surpluses, getting out of regional wars and possibly even his Monica moments all have a Republican ring to them. Greenspan acknowledges that in Bill’s years Democrats did it better; Monica included, I’m guessing.
A central assertion in the book is that the contest between capitalism and communism has been resolved. Capitalism has triumphed. With very few exceptions, nations who once conducted their affairs along communist lines have turned to capitalism to improve the lot of their people. And it’s worked. In some countries capitalism got off to a rocky start as people struggled to get the hang of the having little state control. But today the standard of living behind what was once the iron curtain has risen dramatically. The application of capitalism may vary among nations but, Greenspan says, its acceptance as the paramount method of organizing economic affairs and ensuring prosperity is unchallenged.
Greenspan argues that the motivations for capitalism’s superior performance have been human nature and the market. Humans respond best when the have the freedom to take up new challenges, to improve their lives. Performance, he says, is best controlled by the wishes of the market place. The good and popular get accepted and prosper, the redundant disappear. And this, he says, is good. I’m pleased he stops short of proposing that the US Capitol, the City of Venice or, I would suggest, the New Zealand Government Beehive building, should be demolished just because they are old and inefficient. Even Greenspan, it appears, has his limits.
This week free enterprise and capitalism won another round against the excesses and inefficiency of the old state controlled regimes. It is official: private enterprise sport in the United States is now as good at taking drugs as any earlier state controlled administration. Athletes motivated by capitalist individual enterprise are injecting and sucking down testosterone, HGH and amphetamines at a rate the old communist regimes could only dream about.
No one should attempt to excuse the excesses of US drug abuse by saying, “At least it’s not state motivated and controlled. It’s just the excesses of a few individuals.” That does not work. The state was East Germany. Individual private enterprise is the United States. Of course the state is going to run drug abuse in a communist regime. That’s what central control is all about. Of course individuals are going to run drug abuse in the United States. That’s what capitalism is all about. The difference most certainly does not condemn one or excuse the other.
So, what are the drug abuse achievements that have launched the US into the forefront of drugged sport? Last week Marion Jones burst into tears and turned in a handful of her Olympic medals. Her apology was the best I’ve heard but could not hide an unbroken litany of lies and deception. Many say that it’s Jones’ relay teammates they feel sorry for. What if they too have to give their medals back? Fear not. You see, two of Jones’ teammates (Torrie Edwards and Chryste Gaines) in the 400 relay have also had to serve doping suspensions since the 2000 Games. That’s three of the four relay runners, juiced to their eyeballs. Do you recall what we said about East German teams caught with just one cheat?
Baseball, it’s called “America’s pastime”. Arguably, the sport’s most famous record is the homerun total. The current holder with 762 runs is San Francisco player Barry Bonds. To say he’s a bloody good baseball player is woefully inadequate. Unfortunately, it appears pretty certain he had chemical assistance earlier in his career.
World cycling’s most famous race is the Tour de France. In 2006 the race was won by the American, Floyd Landis. However his victory is no more. A test taken during the event has turned up positive for synthetic testosterone.
On September 24 2007, the CEO of the United States Anti-Doping Agency was reported as saying how pleased he was that the BALCO scandal had resulted in the suspension of 14 Olympic athletes. He was sure the fear this installed would curb the use of performance-enhancing drugs. Fourteen Olympic athletes suspended! That’s truly world class. Here’s to private enterprise.
To an outsider beginning work in US sport the scene is saddening and chaotic. Middleweight boxer Joey Gilbert, sprinter Justin Gatlin, sprinter and football player John Capel, 1999 shot put world champion C.J Hunter, world 400 meter champion Jerome Young and an endless list of others; the moral obvious. People in the US glass house should not throw stones.
I am currently halfway through former U.S. Federal Reserve chairman, Alan Greenspan’s new book The Age of Turbulence: Adventures in a New World. It’s a good read, far from the dusty tome of economic theory you might expect to come from that source. He admits to being a lifelong Republican, but makes little secret of his dislike for the current President or his admiration for the manner in which Bill Clinton ran the country. It appears Bill Clinton may have been a stauncher supporter of Republican values than his successor. Controlled spending, budget surpluses, getting out of regional wars and possibly even his Monica moments all have a Republican ring to them. Greenspan acknowledges that in Bill’s years Democrats did it better; Monica included, I’m guessing.
A central assertion in the book is that the contest between capitalism and communism has been resolved. Capitalism has triumphed. With very few exceptions, nations who once conducted their affairs along communist lines have turned to capitalism to improve the lot of their people. And it’s worked. In some countries capitalism got off to a rocky start as people struggled to get the hang of the having little state control. But today the standard of living behind what was once the iron curtain has risen dramatically. The application of capitalism may vary among nations but, Greenspan says, its acceptance as the paramount method of organizing economic affairs and ensuring prosperity is unchallenged.
Greenspan argues that the motivations for capitalism’s superior performance have been human nature and the market. Humans respond best when the have the freedom to take up new challenges, to improve their lives. Performance, he says, is best controlled by the wishes of the market place. The good and popular get accepted and prosper, the redundant disappear. And this, he says, is good. I’m pleased he stops short of proposing that the US Capitol, the City of Venice or, I would suggest, the New Zealand Government Beehive building, should be demolished just because they are old and inefficient. Even Greenspan, it appears, has his limits.
This week free enterprise and capitalism won another round against the excesses and inefficiency of the old state controlled regimes. It is official: private enterprise sport in the United States is now as good at taking drugs as any earlier state controlled administration. Athletes motivated by capitalist individual enterprise are injecting and sucking down testosterone, HGH and amphetamines at a rate the old communist regimes could only dream about.
No one should attempt to excuse the excesses of US drug abuse by saying, “At least it’s not state motivated and controlled. It’s just the excesses of a few individuals.” That does not work. The state was East Germany. Individual private enterprise is the United States. Of course the state is going to run drug abuse in a communist regime. That’s what central control is all about. Of course individuals are going to run drug abuse in the United States. That’s what capitalism is all about. The difference most certainly does not condemn one or excuse the other.
So, what are the drug abuse achievements that have launched the US into the forefront of drugged sport? Last week Marion Jones burst into tears and turned in a handful of her Olympic medals. Her apology was the best I’ve heard but could not hide an unbroken litany of lies and deception. Many say that it’s Jones’ relay teammates they feel sorry for. What if they too have to give their medals back? Fear not. You see, two of Jones’ teammates (Torrie Edwards and Chryste Gaines) in the 400 relay have also had to serve doping suspensions since the 2000 Games. That’s three of the four relay runners, juiced to their eyeballs. Do you recall what we said about East German teams caught with just one cheat?
Baseball, it’s called “America’s pastime”. Arguably, the sport’s most famous record is the homerun total. The current holder with 762 runs is San Francisco player Barry Bonds. To say he’s a bloody good baseball player is woefully inadequate. Unfortunately, it appears pretty certain he had chemical assistance earlier in his career.
World cycling’s most famous race is the Tour de France. In 2006 the race was won by the American, Floyd Landis. However his victory is no more. A test taken during the event has turned up positive for synthetic testosterone.
On September 24 2007, the CEO of the United States Anti-Doping Agency was reported as saying how pleased he was that the BALCO scandal had resulted in the suspension of 14 Olympic athletes. He was sure the fear this installed would curb the use of performance-enhancing drugs. Fourteen Olympic athletes suspended! That’s truly world class. Here’s to private enterprise.
To an outsider beginning work in US sport the scene is saddening and chaotic. Middleweight boxer Joey Gilbert, sprinter Justin Gatlin, sprinter and football player John Capel, 1999 shot put world champion C.J Hunter, world 400 meter champion Jerome Young and an endless list of others; the moral obvious. People in the US glass house should not throw stones.
posted by Swimwatch at 8:44 PM
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