Minor Thoughts from me to you

Greedy Capitalists or Selfless Socialists?

Michael Lewis writes about Greece, a collectivist nightmare:

The Greek state was not just corrupt but also corrupting. Once you saw how it worked you could understand a phenomenon which otherwise made no sense at all: the difficulty Greek people have saying a kind word about one another. Individual Greeks are delightful: funny, warm, smart, and good company. I left two dozen interviews saying to myself, "What great people!" They do not share the sentiment about one another: the hardest thing to do in Greece is to get one Greek to compliment another behind his back. No success of any kind is regarded without suspicion. Everyone is pretty sure everyone is cheating on his taxes, or bribing politicians, or taking bribes, or lying about the value of his real estate. And this total absence of faith in one another is self-reinforcing. The epidemic of lying and cheating and stealing makes any sort of civic life impossible; the collapse of civic life only encourages more lying, cheating, and stealing. Lacking faith in one another, they fall back on themselves and their families.

The structure of the Greek economy is collectivist, but the country, in spirit, is the opposite of a collective. Its real structure is every man for himself. Into this system investors had poured hundreds of billions of dollars. And the credit boom had pushed the country over the edge, into total moral collapse.

Contrast this to capitalism. When I see a well-off American, I can be reasonably sure that he got where he is through hard-work, thrift, and good luck. The vast majority of people in this land of cowboy capitalism are not cheating on their taxes, bribing the government, or lying.

Which society would you prefer to live in?

(Link and title idea from Russ Roberts.)

This entry was tagged. Capitalism Socialism