Prometheus 6

As Adam Smith first described clearly, individuals who pursue only their own narrow interests in a competitive system often inadvertently create widespread social gains. But not always. Unlike many of his modern disciples, Smith was keenly aware of the invisible hand’s limitations. Individual and social interests often diverge, he realized, and in such cases, greater competition makes matters worse. If a firm can cut costs by removing the filter from its smokestack, for example, it will feel greater pressure to do so when competition intensifies.

If our social ills are indeed rooted in increased competition, our only recourse, Reich argues, is to change the rules. Denouncing greed is simply wasted energy. If we want less inequality, we must make taxes more progressive. If we want cleaner air and water, we must adopt more stringent environmental laws.

The NY Times review makes Supercapitalism, The Transformation of Business, Democracy, and Everyday Life By Robert Reich right interesting. So does the excerpt, though I'd have liked more. I believe Derrick Dell's Silent Covenants: Brown v. Board of Education and the Unfulfilled Hopes for Racial Reform and Ira Katznelson's When Affirmative Action Was White: An Untold History of Racial Inequality in Twentieth-Century America cover the same territory historically. Holding one of these narratives in mind while reviewing Supercapitalism ought to produce some interesting correlations.

Supercapitalism: The Transformation of Business, Democracy, and Everyday Life (Borzoi Books) author: Robert B. Reich asin: 0307265617