Week Seven Journal Entry

I am very much for preserving our capitalistic society, and so I found this week’s readings to be very valuable. It became clear to me that we are straddling a very fine line between preserving our capitalist nature and delving into one of socialism. I say this because we see very often how our system of capitalism and democracy also possesses character elements of socialism. Much was discussed in the readings about private property rights for individual citizens. This is something that we have prided ourselves on as Americans. However, more and more we are witnessing our local and national governments claiming eminent domain rights in certain circumstances whereby, they take over the possession of an individual’s property rights. This purpose of this is usually stated as being done for the common good.

I normally feel very frustrated when I hear about these cases, but the part that I do tend to accept is that each case is adjudicated on a case-by-case basis – which may in fact lead to a necessary overtaking of one’s property at a fair value to be paid. For instance, certain road or highway improvements, extensions, or other construction related projects may be necessary if it means providing a safer, more efficient way of travel – especially for rural or isolated communities. What I disagree with is associated with urban developments such as convention centers, parking garages, or apartment buildings where the city acquires the private property for their benefit. These types of projects are really not at all necessary other than for some modernized development or cosmetic improvement to the city.

Maybe our concept of capitalism is proving to be what Schumpter describes as creative destruction in the sense that our systems of society and government are subjects of continual change and modification. These are not bad things; rather they are necessary for keeping up with technological, industrial, and political advancements.