It is universally acknowledged that the United States is a capitalist economic system embedded in a democratic republic political system. When both system function smoothly, few question this arrangement.
But when one system or the other malfunctions, fingers are pointed and blamed is shifted…all according to one’s ideological beliefs. Take the British Petroleum/Gulf of Mexico oil spill for instance. The people of Louisiana and the vehicle drivers of the nation were happy to have the oil the offshore facilities produced. Jobs were created in Louisiana and the rest of us had gas for our cars. Both assumed the operator, British Petroleum, knew what it was doing and that the appropriate agencies of the U.S. government were regulating its behavior.
Problems arose, however, when BP’s “fail safe” system failed. Turns out it didn’t know what it was doing. And regulators in both the Bush and Obama administrations weren’t paying enough attention. Now the “free market” disciples are blaming the government, and the critics of corporate excess are blaming BP. The purpose here is not to join one side or the other (though both entities and both systems failed), but rather to encourage both warring sides to consider a new model.
Anyone who takes the trouble to read American history knows that, left to their own devices, corporate interest more often that not put profits ahead of the public interest. (Consider not only British Petroleum but also the operators of the West Virginia coal mine.) Likewise, the same history tells us that, when government relaxes its protection of the public interest and the common good, whether out of lassitude or belief that government should not reign in excessive corporate excess, bad things happen.
A mature society, one that understood both history and human nature, would reach a thoughtful balance that permits private corporate interests to drive economic growth, and make a reasonable profit, under conditions where the public interest, the common good, and the interests of future generations and nature were represented by well-trained, alert, dedicated, disinterested (that is to say, not regulators drawn from the industries they are sworn to regulate), and knowledgeable government officials made fail safe systems work.
This is not an impossible dream. It is how reasonable people behave. It is how a mature nation, which the United States of America should be by now, acts. It is the very least the people of the United States should expect from both corporate interests and their own government.