The Trouble with Free Enterprise
Adam Smith’s “invisible hand” worked well when employment was widely scattered and mostly in private hands. Individual pursuit of self-interest generally led to the common good and the “rising tide that lifted all boats.” But no more. Instead of employment being widely scattered and small scale, over 75 percent of American workers now work for corporations. In our current economic environment, free enterprise has gone berserk, making some people super rich and leaving many others impoverished. We have not only individuals pursuing their own advantage but corporate boards and political supporters seeking profit and advantage with little regard for the common good.
Free enterprise served us well and probably shouldn’t be abandoned. Its shortcomings need to be addressed. Much easier said than done.