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Lack of a Long Term is the Problem With Capitalism

Unregulated capitalism knows no past or future, it concerns only the desires of the present.
The state must serve the role of investor to guide the self-destructive child that is the free market.
This means watching out for the long term interests of the society.
Even before American independence, free market greed set up a disaster as business owners chose to import slaves rather than pay to import labor.
They saved themselves money and time for awhile, but by so doing they sank to the degradation of keeping slaves and doomed their children and grandchildren to all the problems that came with having a captive population of millions, doomed hundreds of thousands of grandkids to perish in battle, and saddled an entire people with problems that still must be dealt with hundreds of years later.

Clearly those old planter aristocrats cared nothing for the future, had no use to care for anything beyond the day they died.
But why should a society have any regard for the needs of the reckless and greedy who plan to leave their mess for others to clean up?
Surely such fools surrender implicitly their freedoms in the same way as a murderer, who threatens his victims more immediately and more directly.
Surely they harm society in the long term as surely as a high IQ welfare mother helps society’s future.
A highly intelligent woman raising a large brood of kids makes her less able to work a job, but she more than makes up for her individual output of one lifetime by contributing several valuable lives who will bear quality offspring in turn.
A society that consumes her entire potential in the workforce, devouring the leisure time she needs for family and children cheerfully eats its seed corn, dooming future generations to poverty and suffering.
So too did an 18th century planter consume the seed corn of the crop that rightly belonged to his children by importing slaves.
So too does a modern business owner import temporary talent from every corner of the earth to avoid the temporary expense of training local people who will always be there and teach their craft to their children.

The murderer may kill a few people before he is caught, but the long-term evil doer may well leave behind problems that affect everyone after him forever.
Let’s imagine some finite resource is utterly consumed according to the supposedly holy and infallible forces of demand.  We may suppose that when the resource is still abundant, demand dictates it be used for the most mundane and frivolous purposes without a second thought even though it may run out forever by noon tomorrow.  The free market is by nature a stampede of lemmings.
Without firm guidance, the free market enshrined as God in America becomes a rampant cancer.
And many forget, that without the intervention of government, there are no markets, only loot and plunder.

So a great state must protect its future investments from predation and in righteous ruthlessness crush those low souls who are willing to benefit now while incurring a net expense for everyone else later.

There are those who do not care what happens later — fine.  But by the principle of justice they cannot expect anyone to care about their problems, their property, or their freedoms, now or ever.

The problem of course is in the absence of philosopher kings, we fear the abuses of such a government more than we expect competence in its administrators.

Why Philosopher Kings Are Rare

From control of wealth comes the power to govern.
Therefore the rulers will always be either a warrior elite or a merchant elite.
How then do you have a system that consistently puts a philosopher king in power?
A system that puts governing into the hands of the most capable.
There never has been a meritocracy of governance only the rule of the strong.
The life of the warrior or the merchant demands intense specialization and requires an incurious personality.  The rulers most societies have had most of the time reflects these realities.

Plato identified the main problem of politics 2300 years ago, but no one has ever figured out how to reliably implement that basic idea of giving that job to the best qualified.

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