In a recent analysis by William R. Hawkins published in American Thinker, the author critiques the American Enterprise Institute's (AEI) perspective on the relationship between capitalism and national security [17954939]. Founded in 1938, AEI has significantly influenced conservative policy, with figures like Mackenzie Eaglen advocating for an expansion of the U.S. military to address various global threats, particularly in the Middle East, Europe, and Asia. Hawkins argues that President Biden's policies have weakened U.S. deterrence capabilities, potentially compromising national security [17954939].
In a complementary analysis, Mark Beeson from Pearls and Irritations discusses the troubling social impacts of American capitalism, highlighting issues such as gun and drug deaths that reflect deeper societal problems. He links Donald Trump's presidency to significant economic restructuring and globalization, noting that white working-class voters have particularly suffered from the decline of manufacturing jobs [84b09c20]. Beeson points out that American CEOs now earn nearly 300 times more than the typical worker, a stark increase from 20 times in 1965, while the top 10% of earners hold 70% of the nation's wealth, leaving the bottom 50% with only 2.5% [84b09c20].
Hawkins also discusses the views of former Senator Phil Gramm and economist Donald Boudreaux, who promote free trade while criticizing protectionist measures. He points out that Gramm's past deregulations contributed to the financial crisis of 2007-2009, suggesting that a focus on free trade may overlook critical national security concerns [17954939].
The author emphasizes that national security should take precedence over capitalism, particularly in light of the dangers posed by reliance on China for strategic industries. He references a Pentagon report that highlights the urgent need for a skilled workforce and innovation to bolster U.S. security [17954939]. Additionally, Hawkins draws on historical context from Paul Kennedy's work on great powers, calling for a reevaluation of trade policies to better protect national interests in an increasingly complex global landscape [17954939].
Beeson further notes the influence of powerful figures like Elon Musk on public policy and emphasizes the importance of American foreign direct investment, particularly for Australia, where U.S. investors own half of the stock market. He warns that the dominance of the mining sector complicates independent policy-making and raises concerns about Australia potentially becoming the 51st state of the U.S. [84b09c20]. Beeson concludes that addressing climate change will require independent action rather than reliance on American capitalism [84b09c20].