Lately I’ve been thinking about my economic philosophy. Not that I really have anything so grand, mind you, but certain quizzes notwithstanding, I don’t really think I adhere to what we would call economic conservatism.
As I see it, is that concentrations of economic power and the accompanying inequality they foster are genuine problems. Conservatives and libertarians are much too sanguine about the distribution of wealth in societies like ours in my opinion. On the other hand, too much of progressivism and liberalism lends itself to a certain kind of centralized nanny statism.
So, is it possible to curtail concentrations of economic power without concentrating a dangerous amount of power in the state in the process? Apart from the inherent problems of a powerful state, there is the familiar problem of “regulatory capture,” i.e. when the economic interests that are supposedly being regulated end up gaining influence over the agencies that are supposed to be regulating them.
One of my favorite social critics is the late Christopher Lasch. In his book The True and Only Heaven he criticized the prevalent ideology of “progress” – the assumption that more and more people would enjoy a greater measure of prosperity. This ideology has right- and left-wing variants, depending on whether the unfettered market or centralized social engineering is seen as the vehicle for social progress. Lasch thought that, if nothing else, ecological constraints had falsified the ideology of progress. In addition, the capitalism championed by the Right destabilized and eroded communities, while the government paternalism of the Left threatened to make ordinary people wards of the state with their lives being planned by a bevy of bureaucratic “experts.”
Instead Lasch favored what he called “populism.” But this was more of an ideal than a worked out economic or political program. Lasch’s populism valorizes what he considered to be lower-middle-class or “petit bourgeois” values of local community, solidarity, dedication to craft, loyalty and self-denial. In essence, it is an ethic of limits that doesn’t expect ever-expanding wealth and opportunity, but finds satisfaction in concrete attachments to family, neighborhood, honest work, and civic participation.
Lasch’s vision combined a desire for a certain level of economic egalitarianism with a distrust of the state and a commitment to what we might call “traditional values.” But it’s not entirely clear that such a state of affairs is possible (assuming that it’s desirable). Is it possible to ensure a measure of economic independence for working people without an expansive welfare state? Is it, as some have suggested, that it’s the state that makes the concentration of wealth possible through the various subsidies and supports it provides to big business? Is a kind of Jeffersonian agrarianism/populism feasible in the 21st century, or is that just nostalgia?
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