Does Interest Rule the World?
Today the word democracy has a different meaning than it did in antiquity, when it first emerged. Since those ancient times, capitalism has had a hand in changing the face of democracy. Capitalism is defined as an economic system characterized by private or corporate ownership of capital goods, production, and distribution through a free market. Of course, with capitalism inevitably come the potentially harmful concept of self-interest at the cost of morality and the true essence of democracy. True democracy did exist in Athens, which proved to be an experiment in itself, for if it were perfect; it would be model to this day. Although the term democracy is used today loosely, the truth is the democracy that we know and the democracy of Athens is two very different things. As far as morality is concerned, a certain sense of social responsibly has been lost in a whirlwind of corporation and business interests that rarely places citizens' interests before a chance to advance monetarily. Through the works of Albert O. Hirschman, who seemed to advocate and defend capitalism, and Plato, who seemed to criticize it, the agreement about the presence of interest is evident. Both philosophized and
Also, different opinions were formed on the "right" way to run a society. So the battle between self-interest and the public good started early and remained prevalent. So interest does seek to improve not only one's own life but also the lives of others. Hirschman describes in his work a sort of evolution of the model of capitalism and self-interest from a proclaimed evil to a guiding light and rule of thumb to organize and rule mass society. Adam Smith shot down this concept with his new concept of satisfaction through economic improvement. Here, all passions and lusts can be satisfied with economic improvement. As time went on, the concept of the role of private passion driving the good will of society became more and more accepted with the rise of mathematics and physics. This concept was widely accepted and can even be applied to the system of government that we have today of checks and balances. James Steuart also commented on capitalism and the positive results it had. For the first time Adam Smith thought of passions and interests together, instead of having two diverse meanings fighting against each other. Smith also had some reservations about the spirit of commerce. Basically, they hoped that their perfect model of society and interests would be ruled by worthy leaders, "freedom from governmental interference with the market and the enforcement of this freedom by an all-powerful ruler" (Hirschman, 98). This later morphed more and more to economic aspirations, which then led to the possibility of interests being a positive thing to governing the world. The importance is placed not on the attachment to possessions but on the effort to care more about personal wisdom and other human beings through the discussion of virtues.
Common topics in this essay:
Adam Smith's,
Adam Smith,
Crito Phaedo,
James Steuart,
Albert Hirschman,
RULE WORLD,
Indeed Socrates,
Physiocrats French,
John Millar,
Montesquieu Rousseau,
adam smith,
effects world,
economic improvement,
pursuit wealth,
perfect model,
james steuart,
mass society,
improve one's,
rule justly,
day examples,
|
Acceptance Essays
