MAMMON CONFUSED: A LETTER TO THE ECONOMIST (December 25, 2009)

In your panegyric to free enterprise, you invite business people to fight for their rights, for they stand to lose them if they mind their own business only (“The Silence of Mammon,” December 19, 2009). “A generation ago, Margaret Thatcher and Ronald Reagan did an excellent job of making the case in favor of business,” you argue. “Today it looks as though the case needs to be made all over again.” Whence your own call to arms. And then you turn to business people’s innocence in connection with the financial crisis. “The credit crunch was the handiwork of bankers (who lent too much money) and policymakers (who fooled themselves into thinking that they had abolished boom and bust).” It is strange to see bankers separated from other business people in an article dedicated to Mammon. And it is even stranger to see policymakers of Thatcher and Reagan’s era separated from the two champions of free enterprise—Thatcher and Reagan themselves. If the preceding boom is to their credit, so is the present bust. They surely go together. And the reason for business people’s silence is that they are as confused as is Mammon. For the freer the enterprise, they can see for themselves, the greater the mess left in its wake.