No one can earn a million dollars honestly.
William Jennings Bryan, 1860 – 1925,
an American lawyer, statesman, and politician, three times the Democratic Party nominee for President of the United States.

The decadent international but individualistic capitalism in the hands of which we found ourselves after the war is not a success. It is not intelligent. It is not beautiful. It is not just. It is not virtuous. And it doesn't deliver the goods.
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Capitalism is the astounding belief that the most wickedest [sic] of men will do the most wickedest of things for the greatest good of everyone.
John Maynard Keynes, 1883 – 1946,
a British economist whose ideas, called Keynesian economics, had a major impact on modern economic and political theory, as well as on many governments’ fiscal policies.  

So far, we have noted many deficiencies in the capitalism which we practice.  The purpose behind such a look has been to encourage thought and action about how to make capitalism work better.  Also, we have looked at possible solutions.  We continue looking at possible solutions.  

Mentioned in previous parts of this essay, ESOPs, a local currency, and a specialized chamber of commerce are examples of solutions.  The better solutions create a “climate for cooperative capitalism” without involving government.  Yet, there are situations in which government can play a useful role.  

The November, 2007, Fortune Small Business has an article called “Nana Technology.”  

When Arlene Harris’s mom bought a cellphone in 2001—mostly for emergencies, but also just to stay in touch—she discovered the hard way that the technology wasn’t nearly sophisticated enough for someone of, shall we say, post-retirement age.  Harris’s 80-year-old mother couldn’t read the text on the tiny screen, much less punch in the correct numbers on the hamster-sized keyboard.  The experience was so frustrating that her mother ended up keeping the phone turned off most of the time.  … Harris, a 47-7ear veteran of the wireless industry, decided to do something about the problem.  …she was going to make a cellphone designed for the over-65 crowed.  Her Jitterbug phone, with its jumbo text, oversized buttons, and ergonomic ear cushion, seems to have hit a sweet spot in the market. …  In September, Verizon Wireless announced the Coupe, a $20 phone designed for older folks. ...  

If Montebello had a commission which invited inventors of socially-useful products to consider Montebello as a location for manufacturing facilities, we might see jobs created locally.  If the commission acted as an intermediary for Montebelloans to invest in the manufacturing facilities, that would bind manufacturers to Montebello .  Yes, risk would not go away, but the risk would be reduced because the products would be screened before the commission made any recommendations.  

What is different here from a municipal department of economic development is the involvement of residents, who become stakeholders in manufacturing facilities and, thereby, have a voice in the operation of those facilities.  Another benefit might be that residents would invest in their community, making fewer very risky investments like playing slot machines or sending money to some faraway broker investing in some faraway venture.

May 1, 2008