If we lived in a utopian world some of these thoughts, in the long run, might have merit. We do no live in a utopian world. We live in an imperfect world and always will. It is one driven by the profit motive. In every country regardless of their political system there are the rich and the poor. Yes the financial system got very greedy and maybe developed financial instruments’ that were too complex. But that cannot be fixed on a global basis but locally or nation by nation. A ”true world political authority” will not work. The United Nations has had moderate success but it does not function as a “world authority”. Our approach must be to learn from what has worked – a free market economy based on profit. However we must monitor and fix the excesses on a local basis. Sometimes that is industry by industry others the fix is nationally. What did we learn from the auto industry? You must be a swift as your competition and have the same or better cost structure. The auto industry got out of step. Whose fault is that? I think it was the short sightedness of management that wanted peace and over the years gave the unions what they asked for. That is why they were restructured and let’s hope it works.
Fred Pipin
Fred Pipin
