Dwelling House Savings and Loan
Posted by tom | Oct 12, 2009
HT to Robin for links to the story of Dwelling House Savings and Loan, http://www.mellenpress.com/mellenpress.cfm?bookid=5500&pc=9, and the story of its demise, http://www.pittsburghlive.com/x/pittsburghtrib/business/s_638429.html. Difficult to read of Dwelling House Savings and Loan's demise. The topic appears to have come up in a campus conversation regarding Economic Justice and the Spirit of Innovation (Edmund Phelps, First Things, October 2009). Below's a quote I found of interest in Economic Justice and the Spirit of Innovation.
The issue of morality in economics is neither the fairness of income distribution nor the stability of financial systems. It is how human institutions can be shaped to correspond to human nature — to man’s nature as an innovator. ... Capitalism is the only economic system thus far discovered that allows human beings to realize their nature to innovate, discover, and take risks. Because human freedom is a good thing, capitalism is in this respect a good system. It is good apart from its instrumental function of presenting opportunities for income and consumption.
