.....Merely for Playing by the Rules of Misguided America’s “Free-Market Capitalism”
Not “Greed,” but America’s Deluded Misunderstanding of “free-market Capitalism” is the culprit in the Deepwater Horizon oil spill: in the rest of the developed world, oil companies are required to drill the auxiliary well with the primary one, before pumping begins. Thus, this disaster, if it occurred in the North Sea, could be shut down immediately.
But Our Ideological View of Capitalism says that the oil companies are the best stewards of their interests, and thus can be trusted to avoid these disasters.
The Flaw in That Argument is the “Hockey Helmet Conundrum”: If Shell and ConocoPhillips do not bear the cost of auxiliary wells—and the regulators do not require it—then BP can not bear the cost and remain competitive with the others.
Capitalism Is the Friend of our system of government and economics. But the misguided, misapplication of some of its tenets is the folly destroying our economy:
The Purpose of Regulation is not to inhibit or to punish individual competitors. It serves to level the competitive playing field, while protecting the assets of all.
And That (In the Nutshell) is the short answer on how the anti-capitalist illiteracy of the Left, and the ignorant-capitalist ideology of the Right, are bit by bit shipping the abundance of American capital overseas.