A struggling George Bailey once received a fat cigar and a generous job offer from banker Henry Potter. Potter pointed out that it would be in George’s self-interest to accept it and forget about that old savings and loan and all the little people it served. George Bailey turned down that deal.
Western Carolina University and other financially struggling universities have received similar offers from the BB&T Foundation. The catch is that they have to indoctrinate students in Ayn Rand’s economic philosophy and teach Atlas Shrugged.
Mountain Xpress’ report on the BB&T grant to WCU [“Capitalism on Campus,” Dec. 23] quotes College of Business Dean Ronald Johnson saying, “As a businessperson, you have to have a set of principles—or a philosophy. … Those people who do not have a firm foundation … are not likely to be very successful.” Also, “The base of my philosophy is wealth maximization.”
Wealth maximization, I take it, has always been the primary philosophical foundation of business ethics—pretty thin gruel—and the foundation for both Duke University’s recent Fuqua School of Business cheating scandal (among others elsewhere) and the scruple-free atmosphere behind the subprime gold rush.
Pursuit of—if not full realization of—the “pure, uncontrolled, unregulated laissez-faire capitalism” that Rand advocated has brought the world economic system to its knees. Rational self-interest wasn’t supposed to be so irrational. Nonetheless, free marketers have redoubled efforts to resuscitate their philosophy, including offering colleges lucrative grants to teach it.
Economic meltdown is not a failure of their philosophy—no. Washington just didn’t do laissez-faire right. When tax cuts failed to produce promised jobs, it just meant we needed more tax cuts. Or as the blogger Digby observed, “Conservatism never fails. It is only failed.”
The Detroit bailout debate revealed that, for many opponents, the loss of millions of jobs was acceptable collateral damage in propping up their economic philosophy: Government intervention would be a deplorable violation of free-market principles.
It is symptomatic of the Gilded Age that economic principles trump all others. Most people learn better in Sunday school.
In the wake of business-school scandals, the Enron/WorldCom/Tyco scandals and Wall Street’s sub-prime/derivatives scandal: If parents and churches don’t, somebody should teach remedial ethics. But is it acceptable for our shrugging Atlases to bribe colleges to teach theirs?
— Tom Sullivan