Is Greed at the Heart of Capitalism?

One out of every five American households includes an unemployed family member, but that doesn’t mean the men and women ducking into Wall Street offices with leather briefcases and expensive suits will be forgoing their holiday bonuses. Goldman Sachs, JPMorgan and other Wall Street stalwarts are expected to give out bonuses averaging $500,000 dollars this year. Is this unabashed greed or capitalism at work?

Greed is the guiding principle of Gordon Gekko, the slick stockbroker played by Michael Douglas in Oliver Stone’s 1987 film Wall Street. As we reflect on the beginning of the end of communist Europe, we’re taking a closer look at greed -- often regarded as the driving force of capitalist progress. Some scholars reject the idea of greed as the engine of capitalism, and don’t believe that greed is a force for good in the American economy.

Jay Richards calls it “the greed myth.” He’s the author of Money, Greed, and God: Why Capitalism Is the Solution and Not the Problem. Richards is a contributing editor of The American, the journal of the Greed is Not Good, and It’s Not Capitalism.

The American: Greed Is Not Good, and It’s Not Capitalism

Forbes: Irreconcilable -- $10 Million Bonuses, 10% Unemployment

(Photo by jenniferrt66 via Flickr/Creative Commons)