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"The rescue of the Chilean miners is a smashing victory for free-market capitalism," WSJ's Dan...

"The rescue of the Chilean miners is a smashing victory for free-market capitalism," WSJ's Dan Henninger writes. The "profit results in innovation" dynamic was evident in products from the U.S., Germany, Japan and elsewhere instrumental in the rescue. "Someone innovates something useful, makes money from it, and re-innovates, or someone else trumps their innovation."
Comments (11)
  • herbert hoover
    , contributor
    Comments (2005) | Send Message
     
    actually "free market capitalism" would have left them down in the hole since it was cheaper to pay off their life insurance than to rescue them.
    15 Oct 2010, 10:36 AM Reply Like
  • spald_fr
    , contributor
    Comments (2734) | Send Message
     
    Aaawww. HH read the article first.

     

    Henninger is a good writer and makes some great points regarding innovation and capitalism.
    15 Oct 2010, 10:42 AM Reply Like
  • Wall St. Cheat Sheet
    , contributor
    Comments (88) | Send Message
     
    LOL. This reasoning is horrible. This is a testament to human compassion.

     

    As the gentleman above noted, it would've clearly been cheaper to not save these people.

     

    I am a capitalist, but capitalism is not the source of everything good in the universe.
    15 Oct 2010, 10:40 AM Reply Like
  • KSAccountant
    , contributor
    Comments (769) | Send Message
     
    I am a capitalist as well but I agree with you Wall St. Cheat Sheet. If anyone thinks capitalism is the answer to our social ills, they need to read more about the steel mills and meat packing industry in early 1900 America. But, that said, profit does result in innovation and expansion because human nature likes reward!
    15 Oct 2010, 11:03 AM Reply Like
  • If U Say So
    , contributor
    Comments (348) | Send Message
     
    I disagree. Capitalism may not be as compassionate as we might like but its not stupid either. Capitalism cares about bad pr. Bad pr brings new risks by way of unions, government regulations, higher insurance expenses, the necessity to rehire and retrain 33 replacements, fines, possible imprisonment if government heeds the call of the populace and a well-deserved black eye.
    Capitalism also brought companies seeking good pr by donating equipment, know-how, and expertise to the cause.
    15 Oct 2010, 11:29 AM Reply Like
  • Cincinnatus
    , contributor
    Comments (3653) | Send Message
     
    It wouldn't have been cheaper to not save them. Free market capitalism is consistent with (not to mention requires) the rule of law and being held accountable for liability.

     

    If you want to witness where rule of law and liability is ignored (beyond foisting it on to the taxpayers rather than those responsible), look at your Annointed One and your government bureaucracies.
    15 Oct 2010, 11:43 AM Reply Like
  • User 337335
    , contributor
    Comments (25) | Send Message
     
    So how many safety policies was this company in violation of again?

     

    An image is worth...

     

    www.gocomics.com/tonya.../

     

    www.uclick.com/client/.../

     

    www.uclick.com/client/.../
    15 Oct 2010, 10:44 AM Reply Like
  • Dr. Poly
    , contributor
    Comments (365) | Send Message
     
    Why isn't the innovation applied beforehand? Why do they not have a network of escape tunnels that would lead miners from one area to another - how about prefab escape tubes in work areas that could be relocated as the work areas change?
    15 Oct 2010, 10:49 AM Reply Like
  • phdinsuntanning
    , contributor
    Comments (1242) | Send Message
     
    We cannot allow ourselves to forget how this terrible drama began: a group of miners found themselves trapped underground simply because the safety measures in place were inadequate. The Chilean government paid the bill as stated by the President, probably they can be compensated with the TV rights and votes of course. According to UN ILO the mining sector employs around 1 per cent of the global labor force, and yet it generates 8 per cent of fatal accidents.
    15 Oct 2010, 10:51 AM Reply Like
  • dfbell
    , contributor
    Comments (1555) | Send Message
     
    must be a slooooow news day at the olde wsj
    15 Oct 2010, 10:51 AM Reply Like
  • Mad_Max_A_Million
    , contributor
    Comments (1175) | Send Message
     
    What I got out of the whole thing was that If you depended on the Government to invent the drill bit that was used (instead of free enterprise) and the U.S. Post Office to deliver it on time, all those miners would have gotten was a bunch of sympathy cards. Plain and Simple!
    15 Oct 2010, 11:50 AM Reply Like
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