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Greed Is Dead

by Paul Collier

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John said: " The authors, both senior economists, acknowledge at the outset that the title of their book is misleading: ‘What we mean is that the extreme individualism embraced by many prominent and successful people in recent decades, and which sought justificat The authors, both senior economists, acknowledge at the outset that the title of their book is misleading: ‘What we mean is that the extreme individualism embraced by many prominent and successful people in recent decades, and which sought justification in terms of merit or celebrity, is no longer intellectually tenable’ (p. 1). Likewise, the subtitle does not describe the present situation but their hope for the future.

The authors identify two types of individualist thought: possessive individualism, which is manifested in market fundamentalism, and expressive individualism, with its emphasis on personal rights. They are closer to the former than the latter in that they identify as both communitarians and economists: ‘We see no inherent tension between community and market: markets can function effectively only when embedded in a network of social relations’ (p. 8). While admitting the defects of market capitalism, they have nothing but scorn for most proponents of rights: ‘the new activist causes are more abstract and their demands framed only in the most general of terms. At their worst, they are no more than performative opportunities to display the emoting self’ (p. 44). They speak approvingly of organizations that provide charity to individuals but not those advocating structural reforms to address the root causes of economic injustice.

Individualism has corrupted politics as well as economics. The British ‘working class’ (the authors’ term) has been the main victim, as both the Conservative and Labour parties embraced centralization and market freedom policies that neglected disadvantaged rural communities and individuals without higher education. Politics after individualism must be communitarian. For the authors this does not mean direct democracy by referenda, ‘excessive’ representative democracy where members pursue the interests of their electors rather than the common good, or election of leaders by party members. It should be inclusive of all citizen groups, decentralized according to the principle of subsidiarity, and participatory. Economics must also be communitarian; businesses should accept their responsibility to contribute to the good of society rather than simply maximizing profits. Industries should be spread throughout the country rather than concentrated in the London area.

There has been no shortage of books on economic and political individualism in recent years. The principal contribution of this one is the authors’ attempt to find a middle way between the defenders and critics of market capitalism. While they may have succeeded in identifying the components of such an approach, they have offered no suggestions for implementing their vision. As a result, their purpose in writing the book – ‘The combination of individual selfishness and overconfident top-down management has damaged our societies. But you can change it: we have written this book to help you do so’ (p. xv) – has not been fulfilled. ...more "

Jan 04, 2023 02:26PM · see review

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