Tuesday, July 13, 2010

There is a Way forward - Rely More Heavily on the Individual

Sydney M. Williams
Thought of the Day
“There is a Way Forward – Rely More Heavily on the Individual”

July 13, 2010

The deteriorating financial situation in southern Europe has ramifications far beyond the ultimate survivability of Greece and the Euro. It is a proxy, if you will, on the relative merits of “continental” socialism versus the “Anglo-Saxon” model. Stratfor Global Intelligence, in their “Third Quarter Forecast 2010”, discussed the issue: “For much of the financial crisis the Europeans held up the continental model as superior to the ‘Anglo-Saxon’ model. Slower growth with stronger social safety nets seemed superior to the more aggressive, less protective, American and British model. The continental Europeans are now facing both cuts in social services and slow growth.”

The horrors of two world wars converted a continent which had been almost continuously at war into a placid Eden where the emphasis was on paternalistic government, equitable distribution, a foregoing of empires and cultural growth. War, which had destroyed two generations of young men, would be confined to the dust bin. Their only threat, the Soviet Union on their eastern edge, was checkmated by the United States and the NATO Alliance.

The British historian, Niall Ferguson, teaches a course at Harvard entitled “Western Ascendancy, Mainsprings of the Global Power”. His course is an attempt to understand why, five or six hundred years ago, London and much of the West became the dominant entities. He has pointed out that, could one travel back in time to 1400 or 1500, one would be far more impressed with the clean, wide streets of Beijing with its dazzling palaces, the Mughal Empire in India, the achievements of the Ottoman Empire, or the advanced civilizations of the Aztecs and Incas than with the smelly and dirty streets in the small village of London. Professor Ferguson provides answers to his rhetorical question: among them, the existence of competition in both the political and economic arenas; a rule of law, determined by property owners through a representative assembly, and a strong work ethic – prerequisites all for a capitalist society.

Professor Ferguson’s course and his comments are relevant today, as there are many who believe we are undergoing a sea-change with the East rising, Phoenix like, from the ashes of the West. It is far too premature, in my opinion to write the West’s obituary, but it is equally impossible to disagree with his assessment when he writes: “And that means it’s unlikely that the West will continue to occupy that position of extraordinary predominance that it had, say, 100 years ago when maybe 20% of the people of the world lived in western empires, western societies, but they accounted for more than 50% of all global income. I think that’s pretty much coming to an end now.”

That the East is rising seems indubitable. China is exhibit “A”. The question is, does the West have to decline? America, under Job-like trials, is at a cross roads. An over-inflated stock market deflated in 2000-2002. In the midst of that bear market, the United States was attacked by Islamic terrorists. In 2007, we faced a financial crisis of our own making and, in the fall of 2008, that crisis came close to destroying the entire capitalist system. The ties that bind our society have become stretched, as the gap between rich and poor show no sign of diminishing. Our youth has suffered, as public education, instead of being a leveler, manifests the difference between the haves and the have-nots. Is it any wonder that people are confused and upset?

But, fortuitously and as is the nature of Democracies, rarely have the political choices been so stark. One way out of the morass is to rely more heavily on the wisdom and benevolence of government. The other way is to rely on the creativity and wisdom of individuals. The first, perhaps, provides more immediately comfort; it is the preference of the President. The second has been roundly blamed, with some reason, for the mess in which we find ourselves. However, a reading of Representative Paul Ryan’s 87 page “A Roadmap for America’s Future” (scored by the CBO) presents a clear vision for extracting ourselves from the current morass, a path that relies more heavily on the individual than the state. The fact that Congressman Ryan’s proposal has received so little attention reflects the biased nature of “mainstream” media.

Continental Europe’s decline could prove to be the West’s saviour. A society that promises what it cannot afford will fail, or will assume the markings of totalitarianism, in which case failure will only be delayed. Niall Ferguson’s analysis of the causes of the rise of the West 500 years ago should be required reading for those who would lead us to the Promised Land. It is difficult to imagine a continuing competitive West that not only embraces, but celebrates, the individual.

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