Home Press Release Monthly Topics Mailing List Contact Us The Thomas Jefferson Discussion Group of Orlando, Florida Meeting No. 15 - July 16, 2002 Chapters Bookstore, Orlando, Florida THIS MONTH'S TOPIC: THE GOVERNMENT'S RESPONSIBILITY IN A FREE MARKET ECONOMY What responsibility does our government (Federal and State) bear in our free market economy? What would Mr. Jefferson's reaction be to the deceptive business practices of Enron and Worldcom? As a citizen? As the President? Are these and the other cases (e.g., Global Crossing) of fraudulent business activities (e.g., insider trading, stock price manipulation, illegal accounting practices) a natural consequence of a system that is broken or a system that is inherently unjust? Should the free enterprise system be replaced? If so, with what? Is the current debacle solely a law enforcement issue? Are there inherent conflicts of interest that exist between business and the public good? If so, what are they and how should they be reconciled? What responsibility would Jefferson feel the average citizen has in this mess, or is she merely a victim? Has the population been lulled into a mentality of fiscal "entitlement?" Should citizens have been questioning the behavior of CEO's and BOD's when their stock portfolios were overflowing? Are the events we are witnessing a natural purging of a system that has developed some serious flaws and has been subjected to some serious abuses? Events only possible, ironically, because of the intrinsic openness of the system? Consider the following quote that Montesquieu wrote into his Spirit of the Laws, (XI,c.4): "Constant experience shows us that every man invested with power is apt to abuse it, and to carry his authority as far as it will go... To prevent this abuse, it is necessary from the very nature of things that power should be a check to power." Thomas Jefferson copied this quote into his Commonplace Book. Also, consider the following Jefferson quotes: "[The] policy [of my country] is, to leave their citizens free, neither restraining nor aiding them in their pursuits. Though the interposition of government, in matters of invention, has its use, yet it is in practice so inseparable from abuse, that they think it better not to meddle with it. From: Thomas Jefferson to M. L'Hommande, 1787. "Private enterprise... manages so much better all the concerns to which it is equal." From: Thomas Jefferson's 6th Annual Message, 1806. "[It is a] great truth that industry, commerce and security are the surest roads to the happiness and prosperity of [a] people." From: Thomas Jefferson to Francisco Chiappe, 1789. "I am entirely persuaded that the agitations of the public mind advance its powers, and that at every vibration between the points of liberty and despotism, something will be gained for the former. As men become better informed, their rulers must respect them the more." From: Thomas Jefferson to Thomas Cooper, 1802. "Every government degenerates when trusted to the rulers of the people alone. The people themselves, therefore, are its only safe depositories. And to render even them safe, their minds must be improved to a certain degree." From: Thomas Jefferson's Notes on Virginia "If once [the people] become inattentive to the public affairs, you and I, and Congress and Assemblies, Judges and Governors, shall all become wolves. It seems to be the law of our general nature, in spite of individual exceptions." From: Thomas Jefferson to Edward Carrington, 1787 "No government can be maintained without the principle of fear as well as duty. Good men will obey the last, but bad ones the former only. If our government ever fails, it will be from this weakness" From: Thomas Jefferson to John Eppes, 1814 "I consider the class of artificers [i.e., manufacturers] as the panders of vice and the instruments by which the liberties of a country are generally overturned." From: Thomas Jefferson to John Jay, 1785. "I hope we shall... crush in its birth the aristocracy of our moneyed corporations, which dare already to challenge our government to a trial of strength and bid defiance to the laws of our country." From: Thomas Jefferson to George Logan, 1816. "The selfish spirit of commerce... knows no country, and feels no passion or principle but that of gain." From: Thomas Jefferson to Larkin Smith, 1809. Home Press Release Monthly Topics Mailing List Contact Us © The Jefferson Project, All Rights Reserved webmaster@thejeffersonproject.org