Tuesday, July 19, 2005

How "For Profit" businesses give back to society.

As Patrick from "Tout le Monde En Parle" states in his Canada Day post, one of the cons of living in Canada is the attitude many Canadians have in the Public Vs. Private Sector economic debate:

- We don't realize that there is nothing the public sector does better than the
private sector. To us, when money is made somewhere it's gottta be dirty.

In Canada (especially in Quebec) Profitable businesses are looked at with great suspicion and envy. There is absolutely no shortage of politicians, academics, journalists and social activists who day in and day out scream to "Tax the Rich" . All in the name of helping society's poor. Which in a way in an honorable opinion. But its the wrong one. The Left for the most part sees the Private Sector and emerging entrepreneurs as contributing nothing to society but greed and class warfare.

Motivated by this and by ToryBlue's excellent post on this matter, I feel compelled to break this leftist myth that's dogging the debate on economic policy in this country and urge evreyone to

Here is an article written by John Tamny over at the National Review on how Profitable Businesses and "The Rich" contribute to society in more ways than just paying a large share of the government revenue:

1.Charles Schwab, the 68th richest American, made investing in the stock market
easy and affordable for the middle class. In doing so he helped launch an
investment boom that an increasing number of Americans are able to participate
2.Dr. Patrick Soon-Shiong, the 234th richest American, has developed a
drug (Abraxane) that is injected into cancerous tumors. The tumors feed on
Abraxane, only to be wiped out by a cancer-killing "Trojan Horse" within.
3.It is estimated that Wal-Mart stores save consumers $100 billion a year. In other
words, Wal-Mart's customers get a raise every time they shop there.
Unsurprisingly, Wal-Mart's heirs and executives take up spots four through eight
on the Forbes 400.
4.Can anyone imagine living without Google, Amazon, and
travel websites such as Expedia? Internet trailblazers Sergey Brin and Larry
Page (43), Jeff Bezos (38), and Barry Diller (215) are all Forbes 400 members.

In other words, "Profitable Business" and "The Rich" have managed to:
-Speed up innovation to improve our products and services. Making our lives a hell of alot easier.
-Saving us millions of dollars in purchasing.
-Saved Lives.
-Gave us more access to information.

Read the rest of Tamny's article here.

Also check out this article by Libertarian writer Marcus Epstein on how Successful investment and charity go hand in hand.


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