Is Greed Good? Alan Greenspan vs. Ayn Rand.

Objectivist Center ^ | July 23, 2002

[RJCogburn]

A recent New York Times article (July 21, 2002) focused on Alan Greenspan’s remarks to the effect that “infectious greed” is responsible for recent business scandals, and that more government regulation might be needed. These views, the piece points out, seem to contradict the philosophy of his mentor, Ayn Rand, and his own statements of four decades ago. For Rand, laissez-faire capitalism is the system in which individuals produce goods and services that they trade with one another based on mutual consent, not on the use of force or fraud. Capitalism is a moral system based on respect for the equal rights of individuals to pursue their own rational self-interest, and it rewards people for their achievements.

Political philosopher and Ayn Rand expert, Dr. Edward Hudgins notes, “Rand was virtually alone in celebrating the virtues of productive, innovative individuals and the wealth they create. She emphasized that businessmen at their best will first and foremost love their work and the challenge of creating products and services that earn them profits. If that’s greed, it’s to be praised! Rand also singled out for condemnation businessmen who seek money by any means, including fraud, or government handouts and special favors. If that’s greed, it’s to be damned!"

Hudgins, who is Washington director of a think tank devoted to Ayn Rand's philosophy of Objectivism, observes that the deceitful practices of WorldCom and Enron pale beside similar fraudulent practices of the federal government. Further, government regulations helped drive WorldCom into bankruptcy. "While new laws might be needed to punish fraud, new regulations would only make matters worse. The recent scandals show that a free market and a free society must be based on a sound and ethical infrastructure. Adopting the morality of capitalism will help prevent both corporate and government scandals in the future," says Hudgins.

Copyright, The Objectivist Center. For more information, please visit www.ObjectivistCenter.org.

[AynRandWasAMediocrePhilosopher]

BTTT

[Dales]

Rand apparently didn't believe in unbridled greed. While she had Hank telling Dagny that he would charge her outrageous amounts and that she would gladly pay it (and she did), in Galt's Gulch with most competition squelched due to not being able to provide the same quality, everyone was charging reasonable rates rather than as much as they could get taking advantage of their monopoly.

It is why despite the fact that Atlas Shrugged remains one of my favorite all-time books, the utopia she described still seems to me to be the weakest part of the novel.

[leadpenny]

Greed is neither bad nor good. One man's greed is another man's desire. Who decides?

[demlosers]

Rand also singled out for condemnation businessmen who seek money by any means, including fraud, or government handouts and special favors. If that’s greed, it’s to be damned!"

I don't think very many people would oppose Rand's thoughts on corruption. Greed is a necessary ingredient in a capitalistic economy. But greedy capitalist have to be reminded that greed does have limits.

[parsifal]

Greed is a lot like lust. Some lust is good, or there wouldn't be people. Too much lust and you get a Clinton, or worse. Same with greed. Every living creature has a sense of greed. Cockroaches do not see anything wrong with eating crickets. So some greed is good and necessary to human life.But too much greed, and you get libertarians and other knuckle-draggers who don't even have enough sense to appreciate minimum wages. parsy, whose knuckles are well off the ground.

[denydenydeny]

It's really bad form to join FR (which I see you did today) with a confrontive screen name like that.

[dighton]

Welcome to FreeRepublic.

AynRandWasAMediocrePhilosopher

ItBeatsBeingADreadfulWriter.

[tcostell]

Not to take anything away from Rand, but "The Road to Serfdom" by nobel prize winning Economist FA Hayek was actually the inspiration for much of Friedman's work, and was publised a decade before "Atlas Shrugged".

I love "Atlas Shrugged" and I'm re-reading it now. But lets give credit where it's due.

[leadpenny]

Wait a minute. Are you saying that someone who is against minimum wage laws is greedy, or as you put it, a libertarian?

[parsifal]

No. I just note that some of their knuckles show a trace of scrape marks. parsy.

[general_re]

ItBeatsBeingADreadfulWriter.

ButTheComedicPossibilitiesAreEndless

[dighton]

ATLAS SHRUGGED - and those damn kids clung like monkeys

[parsifal]

Hey, I like this guy:

"The man in Roomette 3, Car No. 11, was a sniveling little neurotic who wrote cheap little plays into which, as a social message, he inserted cowardly little obscenities to the effect that all businessmen were scoundrels."

[parsifal]

Nice link.I printed it out for prosperity. parsy.

[sauropod]

This is ridiculous. Greenspan used to be a Randian.
Objectivism is dead. Leave it that way. 'Pod

[general_re]

[Partisan Hack]

Not only was Greenspan a "Randoian," He was a student and confidant of hers. He was part of what she called the "collective," that included Dr. Leonard Piekoff. I'm surprised the author of this article did not point this out.

[Mike Fieschko]

Hey, I like this guy:

"The man in Roomette 3, Car No. 11

I've got this nice tunnel for sale ... interested?

[Lloyd227]

"...and you get libertarians and other knuckle-draggers "

Parcy, come on! Was this really necessary? :-)