Guest Commentary Wyatt Emmerich publisher of the Northside Sun and president of Emmerich Newspapers.

Hollywood's portrayal of the American business system as greedy, cutthroat and mercenary has done tremendous harm to our country. So it was great to hear famous author George Gilder speaking in Jackson to a group at the Wesleyan Biblical Seminary. He proclaimed this perverted world view to be outright false.
Gilder's book Wealth & Poverty has sold over a million copies. Some credit Gilder as the ideological founder of welfare reform, which has enabled millions to get off welfare and join the work force.

Lately, his books have focused on technology and the future. He is considered a visionary by many leaders in the technology industry. Gilder blamed 18th century economic philosopher Adam Smith for the view that capitalism is fueled by greed.

Adam Smith's view was that our economic system is a kind of Faustian pact in which we accept greed and avarice in return for prosperity, Gilder told the group of one hundred.

I think this view is fundamentally incorrect and leads to the media having a false view of events such as WorldCom.

Greed manifests itself everywhere, in all economic systems. It's part of human nature, not part of capitalism. In fact, the basis of greed is to acquire unearned income while a capitalist is willing to earn his income through offering customers what they freely choose to buy in the marketplace.

Greed could never lead to the prosperity we enjoy in America. If you are truly greedy you want unearned income so you appeal to government which has the guns to help you get your unearned income.

It is the desire for unearned income, rather than the results of voluntary acts of customers, that is the foundation of greed and socialism.

Profit is in fact an index of altruism. It is the difference between the value of the product to the producer and the value of the product to the customer. Capitalism is based on altruism, on meeting people's needs.

Capitalism wants others to succeed because capitalism only works if your customers have money. The largest market is the growing working class. Capitalism is a collaborative effort. You have to collaborate with customers, investors and suppliers.

Capitalism depends on trust and faith. It depends on making an investment without any guarantee of a return. It also depends on the Golden Rule. If everyone tries to cheat the system, it will collapse.

Capitalism is a redemptive force in our society and should be seen as a convergent force with Christianity. Without morality, capitalists are forced to pander to depraved desires and they all become pornographers and drug pushers. I have no doubt that there are some greedy businessmen out there. Greed is part of human nature. But the capitalistic system itself is not greedy. Most businessmen that I know are hard-working, moral and care very much for others. Just look at all the charitable contributions businesses make each year. Many of our organizations could not exist but for the very ungreedy contributions coming from our businesses.

Perhaps business gets a bad rap because executives don't hand out raises, lower prices and expand services. A lot of people want something for nothing.

Such actions would put the company out of business and the employees out of work in short order. Running a business is a delicate balance of keeping employees, customers, investors, bankers and suppliers happy, despite competing interests. Capitalism is really just a fancy word describing what happens when free people engage one another in a free marketplace. It is the natural result of freedom and liberty. Capitalism is intrinsic in human nature.

I have to laugh when I see groups being described as "pro-business." As opposed to what? Unemployment? Communism? Poverty?

If you are "anti-business" what does that mean? That you want commerce to cease and for people to go back to farming 20-acre plots?

I don't think so.