The world’s people must take these words of Abraham Pais to heart and act on them, or else bear the terrible consequence:
It is evident that if humanity is to have a future, then the untrammeled capitalism we have known, and which is at the root of the environment’s decline, can have none. (Quoted from The Life of the Creative Spirit, p. 330.)
For a brief biography of Abraham Pais, click here.
I agree with Pais. The key word here is "untrammeled." Capitalism is a fair allocation mechanism in our imperfect world if it is restricted to defined channels by strong, constantly maintained, levees. Otherwise it has proven to be destructive. The levees are built first upon a social commitment to a comprehensive ethical code. But until our ethics and information are perfected, capitalism must also be restrained by law.
One of the most serious issues of our time is the emergence of free-trade agreements that are not restrained by ethics or the force of defensible law. Proponents argue that economic development will counter any problems that may emerge. This is highly suspect as a growing avalanche of empirical evidence suggests.
To use another analogy, real economic development happens in a balanced way, almost like the growth of a tree. The roots are the ethical foundation. The law is the stem. And, the leaves and fruit are the economic activities themselves. Free trade proponents want the fruit, but they are unwilling to nourish the stem and the roots. The benefits of trade without a strong stem and root system are deceiving. In time, the tree will die unless it receives holistic attention.
Posted by: Aaron | December 30, 2007 at 07:30 PM