Profit Motive Quotes
Sometimes this is misquoted as 'The business of America is business.' See Woodrow Wilson for an earlier statement of this idea which is almost always incorrectly attributed to Coolidge as the originator of the idea.
Leaders of nations for years only trusted as truly patriotic those man—usually nobles of the aristocracy—who owned land. If an invader came and seized their land, they would lose their wealth. However money is fungible, and a banker can easily move his money abroad and join another nation or side in a war. If the country is ruined by war, the manufacturer cannot obtain labor or raw materials, The financier depends on none of these and so hs not the vested interest in the welfare of the nation.
In 1961 the President intervened in a labor dispute in the steel industry with the "understanding" that the steel companies would not raise their prices after the settlement. As soon as there was a settlement prices were raised:. The President "persuaded" the steel executives to rescind the increases.
Like many ideological political philosophers who developed a following, she tended to exaggerate many of her points and to ignore additional factors. While individual businessmen and politicians pursuing their self interests were certainly necessary for America’s great growth and success, they were not sufficient. Many of the founding fathers sacrificed their fortunes and in some cases their lives to gain American independence. And the sacrifice of millions was necessary in many conflicts were those who fought were rarely enlarging their own fortunes. And equally important factors of American success were the collective action of communities creating schools, roads, bridges, canals. The driver of the businessmen to move into critical areas was the government subsidizing the railroads, proving the telegraph useful, developing the national highway system and the Internet. Most of the great universities and research centers were created as government, charitable or religious institutions where personal profit was not a factor. It is that combination of private and public, self serving and communitarian drives, secular and religious that have created modern America. Many people in Rand’s ere did not credit the private, self serving contributions of many great men, and Rand led the movement to remind all of that critical factor. In the process of making her good point, she tended to ignore the other factors.
One of the contradictions of capitalism is that at many points in history capitalism has caused and/or contributed to great death and suffering. However, that same capitalism has led to the development of science, technology, agronomy, medicine and education which has saved and preserved millions of lives and raised the standard of living more than anything else.
