GREED: For the Lack of a Better Word

GREED: For the Lack of a Better Word

It’s regrettable, yet undeniable, that immorality, hypocrisy, corruption, greed, and fraud have woven themselves into the fabric of society. Even our esteemed politicians, despite their high standing, have not been immune to these societal viruses. At best, we can hope to limit their impact, but eradication remains an elusive goal.

As an advocate for individualism, viewing the utopian ideals of socialism and collectivism with a discerning eye, I find myself situated in the midst of a philosophical paradox. This perspective stands in stark contrast to capitalism, which champions the protection of property and self-interest—often labelled as “greed.” In the words of Will Durant and Ariel Dunant, the historic struggle between socialism and capitalism reflects a rhythmic pattern in the concentration and dispersion of wealth.

In today’s Europe, socialism, embodied in the social democracy movement, has seamlessly integrated into the political mainstream, fostering a more balanced and ordered society. In the U.S., the progressive left, led by figures like Alexandria Ocasio Cortes, positions itself as the defender of the common people against the perceived “self-interest” and “greed” of the wealthy elite.

The question of what constitutes greed is a complex one. Webster’s Dictionary defines it as a selfish and excessive desire for more than needed. Obviously, the Bible has much more to say about greed, so did some Christian scholars who recently suggested that the top one percent of wealthy individuals in the United States are all greedy, because by almost anyone’s definition they have more of everything than is needed. As an amiable atheist, looking at the destruction Christianity has caused during antiquity and throughout history I remain sceptical of moralizing lectures from Christian scholars.

Aristotle’s concept of ‘pleonexia’ in ancient Greece, denoting an insatiable desire for what rightfully belongs to others- an indicator of a disturbed soul- reveals a philosophical perspective on greed. Greed has been entwined with Western Europe’s history since the Middle Ages, a period marked by dark and violent episodes of colonization and exploitation, leading to prosperity at the cost of morality.

The contemporary tension between personal gain and social responsibility mirrors a medieval mindset. While capitalism thrived in a community-conscious culture, present-day business attitudes seem to emphasize personal gain while acknowledging societal responsibility.

The concept of human nature and its inherent imperfections brings us to the core of the debate. Jane Goodall rightfully points out the detrimental role of greed in exacerbating societal divides and fostering resentment.

The challenges we face today, both environmental and otherwise, require effective responses to our consumption patterns and waste production. However, witnessing the extinction of species and environmental degradation raises doubts about our ability to institute meaningful change.

In contrast, socialist ideologies envision a classless society with wealth redistribution and state planning replacing market forces. The debate continues, complicated by the fact that true free-market capitalism, without governmental interference, has never been fully realized.

The question arises: Is greed good? Adam Smith’s, the father of capitalism, argued for the invisible hand theory suggesting that self-interest, or what some label as greed, can lead to economic efficiency. However, Smith also emphasized voluntary self-restraint, highlighting the importance of moral responsibility for achieving a balanced life.

In contrast, socialist ideologies envision a classless society with wealth redistribution and state planning replacing market forces. The debate continues, complicated by the fact that true free-market capitalism, without governmental interference, has never been fully realized.

Ultimately, the differences and contradictions between greed and self-interest are subtle. Rational human self-interest, guided by societal laws and basic principles of morality, tends to lead to positive outcomes when balanced with social responsibility. On the other hand, unchecked human greed can lead to an excessive pursuit of narrow self-interests, akin to driving on a slippery slope, often at the expense of others and without regard for moral or legal boundaries.

In conclusion, capitalism and free enterprise, operating within ethical and legal frameworks, demonstrate a healthy form of selfishness that aligns with human nature. As Milton Friedman aptly noted, “The world runs on individuals pursuing their separate interests.” The challenge lies in maintaining the delicate equilibrium between self-interest and the greater good.

William J J Houtzager, Aka WJJH-10.01.2024

📌Blog Excerpt

A comprehensive reflection that explores the nuanced relationship between greed and self-interest in the context of capitalism.