USA Business Special

USA Business Special! Lets take a break from the distress that young Dickens has with what he is discovering- American Myths lain aside and instead sit back and enjoy the wisdom of an Economics Professor at a time when as he shows elsewhere to his students the American economy had in 1964 gone from a Pyramid with a small elite at the top supported by the broad base of the vast un-numbered poor- That it has instead gone to become a diamond. Small number of poor at the bottom- small number of super wealthy at the top and in the middle most of the American people. ‘The distinctiveness of the American economy is related first of all to the American Way of Life. It derives from values and ideas that are prevalent in the American culture today- and where prevalent for a long time during the formative period of the nation. The economic tone was set by a body of citizens- not necessarily even a majority –whose values and ideas led them to create institutions characteristic of the American economy. The institutions in turn molded the rest of the nation. The stock market and trade unions (This writing reflects the historic situation fifty years ago-Ed) to the federal regulatory agencies (Again a piece of history!) and business organizations. There is less awareness of the values and ideas that made these the key elements in the ethical and conceptual framework (Note –an ethical and conceptual framework which collapsed and changed in the 1980/90s decades such that we non Americans are utterly appalled at the immorality of ‘The Wolf of Wall Street’ and confidently expect that system to collapse soon) prevalent among influential sections of the American nation. Rugged individualism is part of the American myth, although there has been less of it than many think (A very well made Myth!-Ed) beginning with New England Puritans and Virginia planters and coming all the way down to the 20th century corporation managers and economic committees at all levels, team work and collaboration has been an important feature of American economic life. Even so, individualism has played a stimulating role in the American economy. American culture has made the individual responsible for his actions and thus promoted his independence and initiative. ….the conceptual framework that set the tone for the nation was a type of dogmatic rationalism: as such it has been forward-looking exploratory, experimental and pragmatic. It has made the fullest use of scientific method, the method that best helps man to achieve control over nature. (As a Bible Translator I was commissioned recently to translate Genesis chapter one for readers to see if current ideas derived from that relevant to these words ‘control over nature’ are there in fact-translator) …has been the belief in the dignity of work, a value despised or ignored by the majority of human beings. Work, however humble, was held in high esteem among early American settlers (Don’t you just love how these days Senior Pastors of vast mega churches can remember the time they ended up cleaning toilets!-Ed) For many generations this produced a widespread compulsion to be active, to have a career- even when this was strictly not necessary. Gentlemen of leisure, parasites and idlers there have always been, but they remain fringe elements…. Materialism has been a major element in inducing millions to make the extra effort needed for passing from, a stagnant and therefore restricted economy to a dynamic and affluent one. (When this was written USA had just been through years of six percent grown rates. What happens in those times is that everyone who wants to work can. And new migrants can work two jobs- double shifts and they do- to get ahead! Labor shortage becomes the critical issue. One year when normally the economy would stop at Xmas for at least two or three weeks- well it never stopped! Everyone was joyously buying and selling…-Ed) A strong belief in success as something worth aiming at also pushed people to work hard. The sense of individual autonomy and responsibility fostered an attachment to liberty, stimulating millions of Americans in all generations to lead independent lives, to start independent careers and to rely primarily on themselves rather than on their family, friends, the community or the state. It also stimulated Americans to agitate for their individual rights, which they understood to include the right to include the right to get the maximum return for their labor, their skills and capital. (These words must be seen in the global context. When they were written the American Economy was self contained. It fed on a vast continent still rich in resource- outside of USA debt or expansion still lay ahead. It was in human history a magic time, and a magic place-Ed Yes good for creating and believing Myths-translator) … The ambitious, energetic individual who prefers independent economic activity to private or public employment can set up his own enterprise. He will find obstacles but whatever he starts at the bottom of the economic ladder or further up the difficulties are probably no greater or no less than they were 100 years ago’ Prof Salvadori The United States 1966. My final word for this and for the future is which is agreed by all the great religions; “The righteous shall live by faith”