US Republican Senator Marco Rubio called on the United States to seek “capitalism for the common good” which rejects the socialist economic ideas espoused by many Democrats and current dominant economic models of free market capitalism, as reported FloridaPolitics
By Miami Diario Newsroom
In a 40-minute speech given to the Busch School of Business at The Catholic University of America in Washington DC, Rubio spoke about the development of an economy in which the rights and obligations of both companies and workers are respected, including the obligation of companies to reinvest for the betterment of their workers, society and the United States .
The speech was called "Human Dignity and the Purpose of Capitalism," and was based in part on the social and economic writings of Pope Leo XIII, who reigned from 1878 to 1903. In his 1891 encyclical, he stated: "The rights and obligations of capital and labor”, Pope Leo XIII argued that companies and workers have mutual obligations.
For Rubio, free-market capitalism is allowing companies to abandon many of those obligations, and that has left too many people behind, leading to dangerous divisions in the United States.
#CommonGoodCapitalism | Emile A Doak | First Things https://t.co/BurCSk7tMm
- Marco Rubio (@marcorubio) November 6, 2019
“In this way the United States has been left more vulnerable to economic battles with China. "Which is my goal? Am I trying to create a new third way between the two main schools of thought in our politics, the classic triangulation, to define a post-Trump conservatism for the Republican Party? ”
The objective of this speech, according to Rubio, is prevent our country from falling apart. "This is about doing whatever it takes to ensure that this exceptional nation, America, continues and endures rather than ends with us," he said.
He added: “When we focus only on the right of companies to profit and we fail to recognize that with the right comes the obligation of these companies to reinvest in the country that made those profits possible, large corporations end up becoming just a financial business. In a financial vehicle for shareholders, financiers and banks”, Rubio highlighted.
Neither socialism nor our economic status quo will result in the economy we need & want for America.
Our nation doesn't exist to serve the interests of the government or the market.
The government & market exist to serve the interest of our nation.https://t.co/KGIcfTd2Ht
- Marco Rubio (@marcorubio) November 6, 2019
He considers that companies have the right to return profits to shareholders, "but it is not a right above all others," he added. And the obligation to invest for the benefit of our workers and our country became an afterthought. And the economic numbers tell the story.” Corporate profits up, investment down. Millions of Americans feel abandoned.
He said that agreeing on the problem, difficult as it may seem, is probably the easiest part. “We should at least agree across the political spectrum: There is something going on in this country that we are not happy with. We have to decide what the role of our government is and address it, that should be the central question, the central debate of our national policy.
The retirement funds of federal government employees, including members of the military, should not be invested in companies controlled by the government of #China.
If hope the TSP board takes action on this.
But if they don't then Congress must. https://t.co/9HbadLB2oa
- Marco Rubio (@marcorubio) November 6, 2019
The senator was emphatic in pointing out that the movement of key industries abroad leaves the United States vulnerable. This is if the production of items such as heavy machinery, ships, medicines, rare earth minerals or communication technologies end up being controlled by countries like China, which could use that control to take advantage of US interests.
“Our challenge is to achieve an economic order that is not harmful to our country and our society. It's been bad because we've left a lot of people behind. It's bad for our society because it's causing too much harm to our families and our communities," he concluded.