Why Government Intervention Is A Good Thing: Insight From George Soros

The economy of America is based on the idea that if everyone acts in their own best interest, than business will boom and everyone will be better off than if there were any regulations in place limiting their actions. This is a laissez-faire economy, and has been the ruling belief for the last one hundred years. George Soros, billionaire, philosopher, political activist, and historian has shared his beliefs about what this laissez-faire system is doing to our country. His beliefs are on point, and I will tell you about them here. George Soros established the Open Society Foundations.

First of all, Soros points out that we need to name the enemy in clear terms. Capitalism has become an enemy, because of the way we have let it over-run society. The laissez-faire economy ideology is no longer helping Americans, it is hurting them. In his own words, he says, “I consider the threat from the laissez-faire side more potent today than the threat from totalitarian ideologies”.

Does that make you stop and think? It did for me. I have long considered that if every one acts in their own best interest, the group will be better off. His words made me stop and think. Could there be an enemy here that we need to get clear on?

He presents the startling idea that the laissez-faire economy is an ideal that does not work in the real world. His argument goes back to his philosophy about reality, and an idea which he calls “reflectivism”. He says that reality goes two ways; there is a feedback mechanism between people’s thoughts and perceptions, and events in the real world. Because of this feedback mechanism, knowledge is never perfect. This is why, according to Soros, the laissez-faire economy can not work. It is based on perfect knowledge, which no one can have. Read this story at Politico.com about George Soros.

Instead of letting everyone act in their own best interest, Soros presents the idea that governments should be allowed to intervene for the greater good. There should be some mechanism of wealth distribution, so that the cycle of inherited wealth is broken and the vast disparity between classes is evened out. He sees wealth distribution as a corrective measure that might help us fix the economic situation which has been uneven and out of control for many years now.

Soros uses his own wealth to help political leaders whom he supports. He also donates to networks of foundations near his homeland of Hungary. Those foundations are working towards building open societies in Europe. In America, George Soros supports liberal political leaders. For example, he donated $25 billion in support of Hilary Clinton in 2016. He also supports political committed that help mobilized voters. He pledged $5 million to a group that is fighting against the conservative parties methods of limiting voting.

Read more: https://www.project-syndicate.org/columnist/george-soros

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