Posted on 11/29/2010 11:21:41 AM PST by MichCapCon
"The worst crime against working people," so said Samuel Gompers, "is a company which fails to operate at a profit."
Gompers, of course, is known by the history books as the father of the labor union movement in America. He was founder of the American Federation of Labor. It may seem incongruous for such an important labor figure to say such a thing about profit, but Gompers appreciated something back then that perhaps a few of today's labor leaders don't. An economy without profit is an economy in deep, deep depression.
Profit and the self-interest motive behind it were under relentless attack not so long ago. The radicalism of the 1960s was dead set against them, laying most of society's ills at the feet of greedy, profit-hungry and selfish capitalists. Anti-profit sentiment was even more popular in Europe and Africa, where it helped boost the socialist agenda and a wave of nationalizations.
In more recent years, however, a better understanding of profit has taken hold in surprising places...
(Excerpt) Read more at michigancapitolconfidential.com ...
Why not just post it here?
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