Brian Wallace, Founder & President, NowSourcing
In America, we often tout our freedom in our economic system. It truly is a privilege to have an open system of economics that is available to every citizen. But where did that system come from? Why is it better than one controlled by the government?
In government controlled markets there are four key tenets that it operates by. The first is the belief that states can create monopolies. This can be dangerous and it especially threatens individual innovation. The second is that institutions, such as political leaders, can limit the market extent. This is especially troubling to those who believe in free markets because it puts unjust limits on what an individual can attain. The third value is that markets can control and stunt the division of labor. This contributes to a governmental standard of inequality. The final hallmark of a government controlled market is that it impedes innovation. This is the key difference between a government controlled market and the free market.
It seems that the obvious solution to these problems is the free market right? The answer to that would be yes and no. The free market alone is not enough to solve the issues of a government controlled market, we need something more. Enter The Bourgeois Deal.
The Bourgeois deal adds four central elements to the free market. The first is liberty and dignity for all. This is especially important because it contrasts one of the major philosophies of a government controlled market and improves upon that condition. The second is an ethically balanced approach to the market system as a whole. Using ethics in economics is essential to protect all citizens that participate in that market system. The third is virtues of faith, hope, love, and courage. These virtues allow for a humanitarian aspect to be considered in the perusal of prosperity. The final element of The Bourgeois Deal to be considered in the free markets is the value of justice, temperance, and prudence. These values help to add equal “checks” to every step of the economic process in order to maintain equality.
Without The Bourgeois Deal’s values, the free market would not be what it is today. American prosperity would be severely lessened and our appreciation for others would diminish. It is essential to consider The Bourgeois Deal in economics if we want to maintain a system that benefits equality, fairness, people, and fortune. See how entrepreneurs are made in the visual deep dive below:
About the Author: Brian Wallace is the Founder and President of NowSourcing, an industry leading infographic design agency in Louisville, KY and Cincinnati, OH which works with companies ranging from startups to Fortune 500s. Brian runs #LinkedInLocal events, hosts the Next Action Podcast, and has been named a Google Small Business Adviser for 2016-present. Follow Brian Wallace on Linked