I had Morning Joe on this morning (don’t ask me why) and I saw Scarborough ripping Gingrich because he had attacked Romney for bankrupting companies and shipping people’s jobs overseas. “Somebody’s gotta defend capitalism,” Scarborough cried, “somebody’s gotta defend the free market! Romney created Staples!!” Now, it’s my understanding that Bain Capital made a seed investment in Staples when it was just one store, and that helped it grow into a very successful chain that employs a lot of people. That’s venture capitalism, and no one is criticizing Mitt Romney for venture capitalism. It’s the vulture capitalism of taking over troubled companies, downsizing them, and/or shipping labor costs to foreign countries where costs are lower that makes people uncomfortable.
Of course, our economy needs scavengers just like the food chain needs them. Without scavengers our roads would be littered with roadkill and our economy would be filled with inefficiencies. But I think we have a right to set some standards and make it a national priority to maintain a manufacturing base in this country. I’m all for capitalism and the free market when we’re talking about the free exchange of goods and services. But when we’re talking about global capitalism that takes no notice of our sovereign interests and the health of our local economies, then I start to have a problem.
I guess what it comes down to is that “capitalism” doesn’t mean the same thing for me as it does for Joe Scarborough. Or, if I accept his definition, suddenly I am not an unqualified supporter of capitalism.
