in a time of politics
October 26, 2012
In a time of politics, an old Italian is putting up an image of old glory.Let’s hold the snickering down to a whisper. It was an artistic decision. The reason the pic is here is because I like the composition. I’m working with an old lens – 70-210, f/4.5 – and am amazed what I can get from it. (Yes, I took many shots to get one that worked.)
I’m in Point State Park, walking home and annoyed that I missed the sun again. (I’ve been trying to get to the blazing trees, and have now missed two days of shooting.) But over Mount Washington the sky is dramatic and I’m shooting at it repeatedly, hoping to capture the rays of the setting sun. So when I got a pic with the rays, who cares that the flag ended up in the composition. (Sarcastic and utilitarian to the end.)
The presidential election is 10 days away; is America going to stumble because she afraid to be inclusive? Is she going to lean backwards believing that going back is the way to move forward?
New York Times – Opinion
The Self-Destruction of the 1 Percent
By CHRYSTIA FREELAND
Published: October 13, 2012
In the early 14th century, Venice was one of the richest cities in Europe. At the heart of its economy was the colleganza, a basic form of joint-stock company created to finance a single trade expedition. The brilliance of the colleganza was that it opened the economy to new entrants, allowing risk-taking entrepreneurs to share in the financial upside with the established businessmen who financed their merchant voyages.
Venice’s elites were the chief beneficiaries. Like all open economies, theirs was turbulent. Today, we think of social mobility as a good thing. But if you are on top, mobility also means competition. In 1315, when the Venetian city-state was at the height of its economic powers, the upper class acted to lock in its privileges, putting a formal stop to social mobility with the publication of the Libro d’Oro, or Book of Gold, an official register of the nobility. If you weren’t on it, you couldn’t join the ruling oligarchy.
The political shift, which had begun nearly two decades earlier, was so striking a change that the Venetians gave it a name: La Serrata, or the closure. It wasn’t long before the political Serrata became an economic one, too. Under the control of the oligarchs, Venice gradually cut off commercial opportunities for new entrants. Eventually, the colleganza was banned. The reigning elites were acting in their immediate self-interest, but in the longer term, La Serrata was the beginning of the end for them, and for Venetian prosperity more generally. By 1500, Venice’s population was smaller than it had been in 1330. In the 17th and 18th centuries, as the rest of Europe grew, the city continued to shrink.
The story of Venice’s rise and fall is told by the scholars Daron Acemoglu and James A. Robinson, in their book “Why Nations Fail: The Origins of Power, Prosperity, and Poverty,” as an illustration of their thesis that what separates successful states from failed ones is whether their governing institutions are inclusive or extractive. Extractive states are controlled by ruling elites whose objective is to extract as much wealth as they can from the rest of society. Inclusive states give everyone access to economic opportunity; often, greater inclusiveness creates more prosperity, which creates an incentive for ever greater inclusiveness.
The history of the United States can be read as one such virtuous circle. But as the story of Venice shows, virtuous circles can be broken. Elites that have prospered from inclusive systems can be tempted to pull up the ladder they climbed to the top. Eventually, their societies become extractive and their economies languish.
That was the future predicted by Karl Marx, who wrote that capitalism contained the seeds of its own destruction. And it is the danger America faces today, as the 1 percent pulls away from everyone else and pursues an economic, political and social agenda that will increase that gap even further — ultimately destroying the open system that made America rich and allowed its 1 percent to thrive in the first place.
The entire article can be found at: The Self-Destruction of the 1 Percent