Sunday, August 26, 2012

On distinguishment and colonial fashion

A problem with much contemporary parlance is that it does not differentiate the usage of the word "capitalists" enough. On one hand we have entrepreneurs, industrialists and merchants and on another complacent economic elites watching each other's backs, demanding the central banks to print money in order to secure something not lasting. The former ones are much needed to create wealth, which is necessary if you want welfare. The latter ones are an obstacle for the creative destruction needed to maintain wealth, which is necessary if you want welfare.

Some hundred years ago people in our part of the world starved ever so often. During industrialisation we built up riches and today, when much of the industry has moved elsewhere, many argue the case that we could keep the wealth without devoting a thought to industrial work. Somehow we should spend our time being knowledge-intensive, let others toil and get away with it. The morale seems to have vanished with the affluence. What is more, at parts the analysis seems rather colonial to yours truly.