Capitalism & Greed

Kyle LaBella
Professor Cathy McCarron
English Composition 1
October 26, 2011
 In the article, "Capitalism and Greed"(1982) by James L. Doti the author states, “In his path breaking work, The Wealth of Nations, Adam Smith described an economic system based on self-interest"(1). This economic system based on self-interest is the foundation for capitalism and pertains to the 21st century where America still uses capitalism as its economic model. In the article, "America's Disease is Greed"(2004) by Andrew Greeley, he discusses and makes many points how greed comes with capitalism. First glance at a capitalist economy the morals of the self-interest theory might get questioned, but a more in depth look at the capitalist society it shows that it is the best way to gain economic performance. First, Doti's discusses his idea that the goals of capitalism are to better society and benefit our fellow human beings. In Doti's article he relates this goal to a story he tells about himself during a snowstorm while he was an undergraduate in Chicago. During the snowstorm Doti decided to leave his dorm room and go to the store to stock up on food. When Doti arrived at the store he instantly mad that the owner doubled the price but what Doti did not know was that the owner of the store had to pay kids to take sleds back and fourth to keep the store stocked with food. In Doti's story he makes the point that when people pursue their own interest they end up benefitting the public. Doti states that "The Wealth of Nations" by Adam Smith, is filled with repeats of experiences like the snowstorm story. Next, in Greeley's article, "America's Disease is Greed," the title directly coincides with his idea in the article: greed is a disease in America. Greeley states, “The most serious spiritual problem in the country today is reckless and untrammeled greed,” then goes on to give many examples how greed is the reason why there are problems in America's economy such as crooked cops and crooked politicians. This article sees only the bad side of a self-interest economy. Greeley, in this article, forces the point that the capitalist economy creates these problems in America’s society. Yes, America does have crooked cops and crooked politicians but America also has laws to deal with people that try and take advantage of the capitalist system. Now, in America self-interest and competition forms the backbone of our capitalist country. Greed and self-interest, in an economy, are the same thing. This greed creates competition which makes it is so every product in the stores in America is the best quality for the cheapest price just like Doti's idea that self-interest benefits the public. In Greeley’s article he states the fact that CEO todays, on average, make 500 times as much as their employees. That fact connects with the American dream and how self-interest creates the determination of why Americans so work hard to maybe one day become a CEO. But Greeley sees it as greedy and unfair for a CEO to make that much more than his employee. In conclusion, America is a capitalist country where greed directly affects the economy. If everyone in America had the same salary, but all worked different jobs, why would anyone work harder than the next person? Because America is a capitalist economy and is bettered by self-interest, greed is indirectly good for America.