I spend too much time on Wikipedia. I was reading the entry on Thomas Jefferson the other day and according to it, Jefferson once suggested that constitutions should expire every twenty years or so. Although this seems like a novel idea, it does have some merit. I like the sentiment of reevaluating our historic and traditional ways in a new and modern context. I'm not saying the Constitution should be abolished.
First of all, the world is a dramatically different place then it was 50 years ago and even more so if you go back 200 years. The Industrial Revolution truly revolutionized the way we live, both individually and collectively. So how can it be that ideals or methods of the past could still be applicable today. I'm not exactly sure they are so I always try to consider this when people say things like “that’s what our forefathers would have wanted.”
For instance, the idea of laissez-faire economics was develop in the 18th century by Adam Smith and others. They argued that since everyone is chiefly concerned with their own self-interest, an invisible hand would then indirectly take care of the economy. And while these ideas have definitely stood the test time and have heavily influence our modern free-market system, they were also written in a different era in the context of a different way of life.
Nowadays, we operate in a global economy that is overrun by corporations. And while these corporations have almost all the rights that you and I enjoy, they don’t always have our conscience. (Some do) One of the main reasons to incorporate is to reduce your risk through limited liability, but I think this throws the whole “invisible hand” thing off. I understand that investors and executives stand to lose something, but for most this is a recoverable loss, especially when you consider the salaries of most executives. Also, these corporations are almost another class in their own right. They have more money then the richest natural class of people and that makes them incredibly powerful. They have lobbyist and crack-lawyers that influence policy and manipulate laws. It’s like an ultra-upper class.
The points is this: it is beneficial for us to reevaluate our current systems from time to time and to realize that the innovative ideas of yesterday won’t always be viable today.
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Agreed! I'm not an economist, so I'm not positive on anything I'm writing here but I've read that some of the top corporations often have more economic (which, more often than not, also transfers over to political and military) power than many COUNTRIES. I think Obama just put a cap on executive pay, but even if he did, I'm sure there are loopholes around our government for them to keep their ridiculous pay. I'm guessing they can get citizenship and move the "official" location of their business to another country that doesn't have a cap (or high taxes) on pay. The whole idea of capitalism is to make profit, so many corporations will do this without regard for human rights. This is also why outsourcing occurs, which has put a huge dent in our economy (if we can't work, we can't spend). It's a tough problem with no real clear solution...
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