John Samuel Tieman: Socialism is good for business

In a recent Democratic presidential debate, Anderson Cooper mentioned, when questioning Bernie Sanders, that about 50% of all Americans said they would never vote for a democratic socialist. I rejoiced. I’m amazed that anything close to 50% would vote for a socialist. That’s progress.

Given the surprisingly warm reception a socialist like Sen. Sanders has received, perhaps it is time to address directly two questions. Is democratic socialism possible in America? Is democratic socialism good for American business?

First, the historical context. A prominent socialist is nothing new. Socialism is as American as “The Pledge Of Allegiance” and “America The Beautiful”. Indeed, in the 1890s, the socialist poet, Katherine Lee Bates, wrote the lyrics to that song. And it was a Baptist minister, Francis Bellamy, a socialist, who wrote the “Pledge.”

Democratic socialists have run for president on several occasions.   The most notable candidates were Eugene Debs and Norman Thomas.   These socialists did not get far in their bids for president, but their influence led Frankilin Roosevet to enact such New Deal legislation as the workers’ right to form unions, public works programs and the minimum wage.

Democratic socialists have long been a part of the civil rights movement.   A. Philip Randolf, and Martin Luther King, jr., were democratic socialists. Indeed, in his Nobel Prize acceptance speech, King explicitly noted that the United States could learn much from the democratic socialism of Scandinavia.

As for other social and scientific movements – Jane Addams, John Dewey, Helen Keller, W. E. B. DuBois, Albert Einstein, Walter Reuther, Barbara Ehrenreich, Cornel West and Gloria Steinem – these names alone should give some sense of the scope of the contributions that democratic socialists have made.

The Cold War, and the anti-communism of Sen. Joseph McCarthy, did much to confuse Americans, who often today make little distinction between the politics of Stalinism and the policies of the British Labour Party. Therefore, it may be best to go directly to the big question. Is democratic socialism good for American business?

When Bernie Sanders speaks of “the casino capitalist process by which so few have so much and so many have so little, by which Wall Street’s greed and recklessness wrecked this economy”, he is not seeking to abolish capitalism. The senator wishes to reform it. He constantly alludes to the socialist reforms in Scandinavia, reforms that have led to a vast social safety net that includes free universities, a cleaner environment, a higher standard of living for workers, better schools, less poverty, greater equality, a higher voter turnout, strong unions, and, yes, universal health insurance. Far from making these countries less competitive, “Forbes” ranks Denmark as the # 1 country for business. The United States it ranks as # 18. Why would a socialist country be better for business that the U. S. ?

Democratic socialism promotes responsible capitalism. Banks are prohibited from predatory lending, or the kinds of irresponsibility that led to the 2008 financial crisis. Energy companies are prohibited from irresponsible polluting. Companies are forced to pay a living wage. Put another way, democratic socialism is not anti-capitalist. It is anti-predator. Democratic socialism seeks to create an environment in which responsible capitalism can thrive. Furthermore, most Americans agree that such regulation upon capitalism is what makes for a strong market. At least that’s what various polls indicate.

Consider the following numbers, garnered from the Pew Research Center, Hart Research Associates, and The New York Times/CBS. 73% favor tougher regulation of Wall Street. 74% think corporations have too much influence. 58% support breaking up big banks. 75% of Americans, including 53% of Republicans, support an increase in the federal minimum wage to $12.50, while 63% of Americans favor a $15 minimum wage. Over 70% support workers’ rights to unionize. 92% want a society with far less income disparity. 79% think the wealthy don’t pay their fair share of taxes. Taken as a whole, these polls clearly indicate the kind of capitalism most folks consider responsible. They also clearly outline the kinds of regulations needed for such a reform.

Democratic socialism and its current voice, Bernie Sanders, are very much in keeping with the will of the American people, and very much in keeping with American history and American values. And, counterintuitive though it may seem, socialism is good for business.

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Copyright 2015 John Samuel Tieman