Ignorance at The Economist

Ignorance at The Economist

Over the years since 9/11, The Economist has run a series of commentaries on globalization, corporate responsibility and the common good under such titles as “Profits over people”, “Globalization and its critics”, “The good company”, and “Profits and the public good”.  The pieces are clearly written and worth reading — if you’re interested in a refresher course on the best available thinking about 19th century economics.

Those of us who struggle with 21st century realities, however, need access to better and different thinking. It’s been more than 230 years since Adam Smith wrote about the power of self interest to motivate his local butcher, brewer and baker. Today, the vast majority of those who read The Economist, like the rest of us, get our dinner from ‘farm through food’ chains that stretch across the globe and run through thousands of corporations. “Self interest” continues to matter tremendously. But, the ‘self’ in the phrase is no longer traceable to a local baker or butcher. It’s just more complicated than that.

Continuing to preach — and the tone in these pieces could easily come from a pulpit – about the wondrous power of the profit orientation to bring good things to life has all the superficial appeal of an idiot savant. Yes, there is wisdom. Profits and the profit orientation in markets matters to the health and well being of the globe.

But, note to The Economist: we already know that.

How about taking the risk to learn something new — something that can actually help the rest of us make choices in dealing with complex current reality?

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