A column in today's issue of the Wall Street Journal stated that all capitalists want some government regulation. I disabused him of that idea in my letter below today:
After reciting the partially-correct comments on capitalism by Richard Posner, L. Gordon Crovitz then states in his final paragraph that “even capitalism’s staunchest supporters recognize that it cannot function unless government plays its proper part.”
No we don’t.
Can it be possible that Mr. Crovitz is not familiar with capitalism’s staunchest supporters: Objectivists, who have been saying for 50 years that it is fundamentally immoral for government to have any part in the private affairs of Americans?
We Objectivists, numbering now in the tens of thousands or hundreds of thousands in America alone, have been saying in interviews on the major TV networks and in major newspapers for decades now that government cannot morally have any governance in the private or business lives of Americans. Let me repeat the word “any.” It is blatantly immoral for government to coercively tell business what it can and can’t do with its own money and products.
Mr. Posner and Mr. Crovitz would have done their readers a much bigger favor by stating that it is up to the stock investor himself to be responsible for his funds in a totally free market by doing two things: a) Ensure that a company has transparency; b) do not invest in a company unless you have all the knowledge necessary to make a sound investment.
Regulations are immoral farces meant to allegedly protect the ignorant and to prop up bureaucrats. No amount of government intervention can supplant the two principles above. Moreover, any government intervention is simply gussied-up fascism.
I hope Mr. Crovitz will remember capitalism’s staunchest supporters next time around.