This question was asked on Quora. The response, two words: “Ronald Reagan”
Reagan? Cum on! He was not a president; he was an actor following a script written for him by his well-off aids and counselors; among them, Friedman, who won a Nobel Prize to have argued that the primary goal of enterprises is to create profits for its shareholders.
IT IS NOT. The main goal of any capitalist enterprise is to be useful to society, so profits follow as a CONSEQUENCE of being “good” (the antecedent) and accepted by the market (the enforcer).
“If you get up early in the morning to knead dough to make bread, you can sell it at a profit; the market will take care of you if your bread is of quality and not too expensive.”
Or something of this nature. Now rich people say to themselves after Friedman: “I make $dough and $bread [the consequent]; I am good for society [the antecedent].
So, after Reagan and al, capitalism has become a fallacy: the fallacy of affirming the consequent:
E.g. of a syllogism (I am not a logician, and the following makes sense to me)
All men (antecedent) are mortal (consequent)
Plato is a man (antecedent): affirmation
Plato is mortal. Right!
However, if a person says:
All humans are mortal,
My dog is mortal (Affirmation of the consequent)
My dog is human (the antecedent) Wrong!
You would say that this person is stupid, wouldn’t you?
Why can it not be evident also for wealthy people who commit the same type of fallacy? Because they have money! Indeed, we all let them say:
Instead of: “I am good for society. I can make money,” ‘I make money, so I am good for society.”
Look what this stupidity has created in the US and the world by osmosis:
And who benefit? the rich:
Here though, after rereading this, I need to add to this comment.
Inadvertently, this voodoo economics has potentially saved the world. Indeed, if the profit that the 1% made in the last 40 years had been divided equitably among the 99%, the world would have reached today, if it has not yet, a point of no return. Surely, the pollution created by 600 $50,000.00-pleasure boats creates a lot more pollution than 3 $10,000,000.00 yachts. Or 99% wealthier people would have created for sure far more pollution than the 1% did.
Now, the time has come for them to use altogether the money they have not to make more profit but to save the world, so they have their names engraved on the Arch of Triumph of evolution.
In nature, the dominant baboons stand at the center of the troupe with the females and the children, while looking after the former security and latter maintenance in number by taking care of their production.
While the weaker of the troupe stand in the periphery as beacons for coming predators; when one furtively approach the troop, they are the first seeing them and running towards the center near the dominant individuals who, becoming aware of the danger, run to the periphery to defend the troupe at the risk of their life.
The time has come for the 1% to do the same or being label by evolution as degenerated baboons.