Comments on: Is the pursuit of profit crucial to solving the world’s problems?

By: Mike

Mike — Tue, 16 Feb 2010 11:30:12 +0000

In my opinion there are often whims lurking in comments on this type of subject, so as such I feel they have no justification for me.

By: Tan Boon Tee

Tan Boon Tee — Mon, 15 Feb 2010 02:37:57 +0000

Relentless and wild pursuit of wealth by filthy means has been the main cause of the current economic crisis.

It is the root of most evils and global conflicts.

By: Thomas Murray

Thomas Murray — Fri, 12 Feb 2010 21:40:04 +0000

Absolutely not!

Here’s the reason.

In the US, health care reform has hung up on the proposal of a so-called “public option,” which is a euphemism for government provided insurance, a provision that the US health insurance industry has colossally torpedoed.

Private insurance providers are motivated by profit, which means they’ll cut corners where they can to keep their money from their clients (where horror stories are legend). You can think what you want about government, but only the most cynical won’t concede that the motivation of public servants is less about profit than altruism. (Okay MASSIVE EGO plays a role in it, also, at my end, bureaucracy seems filled by people too nasty to survive in the private sector.)

So far our private insurers have been acting like a velvet mafia with the shake-down artists exhortation, “It would be a shame if you were to have a heart attack without our protection” — a circumstance that could lead to our next financial meltdown in the midst of an eventual overwhelmingly aging population, while the insurers lament, “Geez, I didn’t realize their were so many old people out there!”

Public health care is simply too important to left to capitalists.

And neither is “the world’s problems.”

–Louisville, Kentucky, US.

By: dwaln

dwaln — Thu, 11 Feb 2010 19:47:06 +0000

I appreciate your comment. Could I also get you to respond to what I wrote above? Thanks.

By: Michel Norman

Michel Norman — Thu, 11 Feb 2010 18:36:54 +0000

The pursuit of short-term profits has led the western world to come to the sound economic decision that it is much cheaper to pay a chinese factory worker a pittance than to pay a factory worker a minimum wage in Europe or America. By the same token it is cheaper to pay an Indian in New Delhi to answer the telephone than it is to pay a clerk in Wales. And it is well- profitable to import cheap foreign workers to work in hospitals, hotels and care homes – It is all very profitable in the short term – the only problem is that Westerners are now no longer needed in the work force and in the final analysis that is the root cause of the financial crisis. The profit for the few driven global village is a disaster for the west – is this not a no-brainer!

By: Monica

Monica — Thu, 11 Feb 2010 17:57:59 +0000

Our society does not offer enough alternative choices. Those few alternative choices that are more morally or ethically responsible tend to be the more difficult options. Humans will naturally choose the easiest route, therefore if alternative choices were just as easy (or economic) as the mainstream choices, they would be more popular. I give an example: I have made the personal decision not to have a car. This is certainly not the easiest option (it is more economic though!). I have to walk or bike in a town that is not conducive to public transit. This take considerable time that a majority of the population can not afford. Therefore, we our society had made us a slave to our car. How can we change this? How can capitalism make it easier for people to make different choices?

By: Harry Webb

Harry Webb — Thu, 11 Feb 2010 17:40:59 +0000

Profit is an abstract concept, which has been eating away at the species for millenia. Unfortunately, it has now been so systemized into everything that we do that nobody can conceive of a World without Economics. There is no real reason why we cpouldn’t utterly dispense with accounts and accounting and, simply be goood and helpful neighbours. Unfortunately, nobody appears able either to conceive of simply undermining the entire system at a grassroots level by simply not participating in our exchanges of tokens. Instead of Money serving the species, the reverse is now true. Money has outlived its usefulness as a tool. It needs to go the same way as the neolithic axe!

By: John in Salem

John in Salem — Thu, 11 Feb 2010 17:02:31 +0000

Profit = incentive = innovation.
It’s a great system. Being socially responsible doesn’t automatically require ignoring one’s self-interest – it just means having a conscience about how you pursue it.

By: TomK in Mpls

TomK in Mpls — Thu, 11 Feb 2010 15:53:19 +0000

One thing everybody seemed to miss. It is human nature to focus on bad news more than good. A bad reputation is stronger and lives longer than a good one. What is the percentage of bad companies compared to to average and good ones. Use any measure of good and bad you choose.The focus needs to shift to relative performance, discrimination is a good thing, use it. Focus on the mainstream and deal with the aberrations separately.

By: TomK in Mpls

TomK in Mpls — Thu, 11 Feb 2010 15:45:09 +0000

Derivatives were conceived as insurance for risky loans. One division of AIG decided to generate cash flow by not holding sufficient reserves to make good on the policies. Because of this, they were able to charge low enough rates that people saw a chance to control risk on ‘shaky’ investments.

All we need to do is legally define them as insurance, subject to the same laws, and they will be fine. Keep the government out of business. It is not their area of expertise, nor is it their job.