The Future of Democratic Capitalism

After reviewing the many excellent papers being delivered here, it is apparent that we are all concerned with the same general subjects of commodity agreements, international cartels, and anti-trust problems as well as the impact of governments on resource management and minerals pricing. Accordingly, as a relative newcomer to the mining business, I feel that my most meaningful contribution can be made by taking a more philosophical look at the future of our system of democratic capitalism. Unfortunately, governments the world over seem intent on jeopardizing the high standards of living resulting from the Industrial Revolution and furthered by the emergence of its by-product, capitalism. This tendency is particularly germane to the basic natural resource field, since government regulations, controls, and intervention in mining far exceed even the constraints normally imposed on hard-pressed consumer-oriented businesses. Increasingly, many governments seem to feel that natural resources no longer belong to private individuals but rather are the property of the state to be developed in a regulated manner and usually in a way directly contrary to the functioning of the free market system.