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Well-Intentioned and Uninformed
The tradition of economic meddling is continued by today’s progressives.

Theodore Roosevelt in the White House in 1903 (Harvard College Library)

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Thomas Sowell

The rhetorical transformation of government into “society” is a verbal sleight-of-hand trick that endures to this day. So is the notion that money earned in the form of profits requires politicians’ benediction to be legitimate, while money earned under other names apparently does not.

Thus Woodrow Wilson declared: “If private profits are to be legitimized, private fortunes made honorable, these great forces which play upon the modern field must, both individually and collectively, be accommodated to a common purpose.”

And just who will decide what this common purpose is and how it is to be achieved? “Politics,” according to Wilson, “has to deal with and harmonize” these various forces.

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In other words, politicians, bureaucrats, and judges are to intervene, to pick winners and losers, in a complex economic process — a process of which they are often uninformed, if not misinformed, and in which they pay no price for being wrong, regardless of how high a price will be paid by the economy.

If this headstrong, busybody approach seems similar to what is happening today, that is because it is based on fundamentally the same vision, the same presumptions of superior wisdom, and the same kind of lofty rhetoric we hear today about “fairness.” Wilson even used the phrase “social justice.”

Woodrow Wilson also won a Nobel Prize for peace, like the current president — and it was just as undeserved. Wilson’s “war to end wars” in fact set the stage for an even bigger, bloodier, and more devastating Second World War.

But, then as now, those using noble-sounding rhetoric are seldom judged by the consequences of their ideas.

— Thomas Sowell is a senior fellow at the Hoover Institution. © 2012 Creators Syndicate, Inc.



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