This document provides an in-depth analysis of the concept of greed throughout history. It discusses how greed fosters fear, self-doubt and inaction in societies. Greed prioritizes the wants and needs of producers over consumers, slowing the economy. While greed has long been tolerated, the document argues it is time for legislative action to curb its excesses and promote economic justice for all. It examines how greed has manifested throughout civilizations from Rome to the modern United States. The analysis draws on literature from Horace to argue that moderation, not excess or wastefulness, is the ideal approach.

1. Fear, Self-doubt, and Inaction:
Greed's Posterity
Peter J. O'Lalor, Ph.D.
An American franchise, once had the slogan; feed the need. It is often common knowledge that
humans, have four basic needs. Water, food, copulation, and shelter. The logical interpretation, of
feed the need, would be “feed the hunger.” Is it however, a different kind of need that they were
referring to? Or was it subliminal, as when Wall Street and Madison Avenue, (commerce and
marketing), create wants. Fashion for example, and control supply, then increase demand, so that
consumers think theyneed it. Some consumer products, people just can't live without. It's a common
phrase not to be denied, and they whose mantra it is, are always firm in their conviction as well. To
even think, one would not be able to “get it,” creates anxiety and fear of loss, which leads to self-
doubt, which leads to inaction. This is an environment that is conducive to non-participation in
politics and civic duty. In the worlds of past and present super-powers, people have become fearful,
doubting their worth, (value), and inaction has led to consumerism.
Consumerism, (societies that prioritize the possession of goods), when isolated, from a broader
education, is bereft of the faith, and values, attendant to it. For example; the classical education of
America'sFounders,andthestandardcurriculathathad“originatedin themiddle-ages ...”1
Ignorance
as well, is fostered and the reason is greed. Which leaves, those who create the “want,” to continue
to feed the fear. It is not a stretch to find Charles Dickinsons' children of Christmas Present, (want
and ignorance), in the richest of nations.
Whydo some seek more or far more, than what is adequate? While most settle, remain with, and
pass on their station in life. Even in America, classes exist, and are propagated. For example, prior
to the twentieth-century, classes were perceived by wealth. Those who inherited their wealth, those
who earned wages, and those who, just as with Roman proletarians', depended on the welfare of the
State, for their subsistence.
However, at the turn of the twentieth-century, greed for steel, labor, and life itself, met with the
authority of the people in the name of a Union “Strike.” In Homestead, PA, (1892: US), people
1
J. Richard, The Founders and the Classics, Greece, Rome, and the
American Enlightenment, (Cambridge, Mass: Harvard UniversityPress, 1994), 20.

2. whose only value was their labor, determined for one, that the days of servitude to greed was over.
For the other, Americans deserved jobs, in appropriate conditions, with assurances for health and
against harm. Although bullets and brass brought them down and set back unionization, it set the
stage for the future steel strike of 1919, in which Homestead played an important role.
Compare the recent events in Bangladesh. For example recently,
The New YorkTimes reported, (ByJULFIKAR ALI MANIK and JIM YARDLEY), published: April
24, 2013, ..., “DHAKA, Bangladesh — A building housing several factories making clothing for
European and American consumers collapsed into a deadly heap. ..., owners of the garment factories
on the upper floors ordered employees to work on Wednesday, despite the safety risks.”
Is profit motive, greed? What does that sayabout a marketplace economyor a political economy
that depends on capitalism? Does greed blind the few toward compassion? Where compassion is
not, is with a grave insecurity, of the poor, and the have nots. Compassion must flow two ways,
between each of us. Otherwise, that which often gives rise to primal fears, like economic injustice,
are obviously represented, in any typical urban sprawl. Cyclically, as history attests, that broad
based level of poverty, for which any hierarchical society depends, tips the scale, if fear remains too
long.
Fear, which leads to self-doubt, which leads to inaction, is a clear reflection of Western
Civilization. Greed as well, has serpentined its way westward. At each point, and at each age, greed,
has been a constant companion to the trans-Atlantic flow of social, political, and economic ideas.
One age it's the King of Naples, hiding the treasures of Herculaneum, while another age, finds greed
rearing its ugly head, as nations form, expand and wars ensue, to dominate trade, and backed by an
elite military, control wealth. To the contrary, the American Founders believed a new age of
commerce was going to unite mankind. “This view of commerce as the necessary means of uniting
the different nations of the world through bonds of mutual need and obligation was in sharp contrast
to the older, mercantilist interpretation of commerce.”2
What is greed though, and whyis it tolerated? Especially, in such an enlightened age as this? The
answers lie in precedents and establishments, founded when greed was referred to as avarice. There
is no time, when greed has not been championed by virtue, but in a government of laws, not of men,
as in America, greed has been at liberty, empowered by laws, or the lack of them, to exploit with
2
McCoy, The Elusive Republic: Political Economy in Jeffersonian
America, (Chapel Hill: University of North Carolina Press, 1980), 87.

3. impunity, at home and abroad.
Economic justice ought to be realized in a free society, just as much as political and social
justice. Or it's not a free society. The idea that government does not, or (ought not), to interfere with
economics is Laissez faire. Laissez faire economics is a policy of non-interference, especially by
governments not interferingin the workings of a freemarketplaceeconomy. Its root meaningis from
the French for 'allow to do.'
Economic justice could be realized, if we look at commerce like a wheel in motion because the
economy is a moving force, that indeed goes round and round, from producer to consumer and back
again. Now imagine dollar signs placed all around the wheel, at 12, 1, and so on. This represents,
the spending of money by consumers, when producers produce, and consumers consume. The age
of information, especially as a commodity, is not excused, or irrelevant in this extended example of
what makes a healthy economy. The wheel is constant and steady, in its speed. As long as the
economy remains in motion, money will too.
What happens if some of those dollar signs are taken away? When money is taken out of the
economy? For example, consumers withhold, (fear), producers withhold, (fear), and the wheel, or
the economyslows down. Producers produce less, consumers spend and consume less. The interests
of the consumer are then sacrificed to that of the producer, to bolster the economy. Historically,
engaging in wars, in the latter half of the twentieth-century was a “quick fix” for the economy.3
In other words, the needs of the producersarethought to be paramount to putting that wheel back
in motion. Now greed feeds the fear of loss, or less. There are now more have nots, than haves.
Money is hoarded, more dollar signs disappear and the wheel slows even more. What to do?
Apparently, as in the recent decade, bailouts have come into vogue. For some, dollar signs, for most,
rage and indignation.
What happens when a load of moneyis placed on the wheel of commerce? Anyone who has ever
had a tire wobble, tried to jump on a Merry-Go-Round, or had the big kid at recess, jump on the
spinning playground wheel, can attest to the physics. Everyone gets hurt, and all the dollar signs
(kids), fly off. Consumers need to spend, so producers can produce. The people must have money
in their pockets for a healthy economy. Ironic, is it not?
3
One can actuallycorrelate political parties, economy, and war, to see who
coincides with what. The tale is known, the lesson not yet learned.

4. The question remains however, what to do about greed. We must understand the fear that arises,
from what others have, and you do not - but society says you should. For example, I was teaching
Political Science,and a discussion ensued on whyconsumers find “the least number of dropped calls
acceptable?” “Is being a good consumer and worker, the same as being a good citizen.” Or “...,why
consumers, “can't live” without products that harm the environment, or turn a blind eye to animal
crueltyin the food industry . Conversely, the discussion turned toward how consumers are in control
of the economy, but do not know it. However, students are not taught, as standard curricula, their
role, in the economy, and how they can influence it. The greedy know and have always known.
“Whilst under the Caesars [Rome] became corrupt to the lowest degree.” The result of this
corruption “spread amongst the people by the faction of Marius, at the head of which was Caesar, who
had so blinded the people that they did not perceive the yoke they were imposing upon themselves.”4
Another example from the ancient past, in literature, history, and the arts, is Horace, (Quintus
Horatius Flaccus). Born in Rome, (65 B.C.), and educated in Athens. He came of age, as Rome was
transitioning from republic to empire. Although a part of the new regime, his independence of
thought was consistent and well balanced. Known as a poet, he has left much to posterity.
For example, in “Satires,” Horace writes “ON AVARICE.” (Greed).
Speaking to Gaius Cilnius Maecenas who was an ally, friend and political advisor to Octavian
(who was to become the first Emperor of Rome as Caesar Augustus), as well as an important patron
for the new generation of Augustan poets. During the reign of Augustus, Maecenas served as a
quasi-culture minister to the Emperor.
“ON AVARICE.” [Greed]
Although Horace is speaking a half century before the birth of Christ, he could be
speaking of today when he states:
“..., nothing deters you as long as you can keep another from being richer than yourself.”1
See also, “But a large part of mankind,, misled by blind desire, says, “'No sum is enough,
4
Max Lerner ed., Niccolo Machiavelli, The Prince and the Discourses;
in Natives of the Same Country preserve for all time the Same Characteristics
(New York: Random House, 1940), rev. ed., 165-166.
1
Guinagh and Dorjahn, Latin Literature in Translation: (NY, London,
Toronto: (Longmans, Green and Co., Inc., 1942-1952), 447.

5. because you are rated by the amount of your possessions.'”2
Herein lies a hint as to the source of greed, vis-à-vis, base emotion and insecurity, which creates
anxiety, leading to fear. To paraphrase Horace, methinks it would be better to be the poorest of poor,
than to lie awake at night, worrying about my riches. The fear for the rest of us that greed spawns,
results from those who have lost, or have less, and self-doubt arises. Self-doubt, inevitably leads to
inaction. Subsequently, greed is tolerated ..., Who are we to judge those who can make the economy
work for them. This is when things stand still, i.e., inaction.
Horacerecountsatale,veryprominentin westerncivilization. A tale told to most schoolchildren
in America, of a King Midas. It reinforces the morals, children learn at an earlyage. Most remember
the story, but the greedy forget its lessons.
Speaking of a greedy man, Horace states:
“He is like a certain rich miser of Athens, who, it is said, used to scorn the cries of the people
thus: The people hiss me, but alone at home I applaud myself the moment I see the coins in
my chest'”3
One must approve of one's character, for healthyself-esteem, even if that character is greedy. It's
referred to as rationalization in today's parlance. What's wrong with greed? It's not unlawful. Is it no
more worse than violence, or crime, or corruption? Art imitates life so well in American Cinema.
However, greed, exists nowhere more transparent, and covertly, than in Congressional Legislatures,
around the world. The evidence is to be found in the laws or lack of them, and the will to enforce
them, to prevent the result(s), and consequences of greed, but instead, leaves many to exploit, and
act with impunity. Ah, the reciprocating war chests of PAC's and CEO's. These are the people who
take away, or dump money on the wheel of commerce. This is why the rich get richer, because they
know how, plain and simple. But why in more than two thousand years of literature, portraying the
“Human Condition” in the west, has greed not met with authority? So how can greed and poverty,
be changed? It could be changed.
Greed is an intense and selfish, (concerned chiefly with one's own personal profit or pleasure at
the expense or consideration for others). ..., desire for something, or some thing. The origin of the
word greed, is from the late 16th century, and is showed to have come from greedy. Greedy is an
2
Ibid.
3
Ibid., 447-448.

6. adjective (like greedier or greediest). Greedy is having an excessive desire or appetite for food. For
example “He’s scoffed the lot, the greedy pig,”, and so on. Greedy is having or showing an intense
and selfish desire for wealth or power: as in people driven from their land by dubious developers.
Its derivatives are greedily, or greediness. It is from the Old English grae-dig, of Germanic origin.
However,America's Foundersweremorefamiliarwith thewordavarice.Avaricemeansextreme
greed for wealth or material gain. As in He was rich beyond the dreams of avarice. Its origin is
from Middle English: from Old French,and from Latin avaritia, is avarus from which we get greedy.
Compare, greed: concernedchieflywith one's own personal profit. Ipreferthe word avariceto greed.
It is clearer as to behavior than simply, as greed can be confused with selfishness.
How can we place greed in a twenty-first century context? We know its there but at what cost,
and how can we effect or influence, its growing, seemingly, political correctness? I always start with
education, certain kinds and quality of education, or even, the School of Hard Knocks.
A quote made famous for the “ME” decade of the 1980's in America, comes from the movie
Wall Street. Michael Douglas plays a dynamic stock investor and his characterGordon Gekko states
at the Teldar Paper stockholder's meeting:
“The new law of evolution in corporate America seems to be survival of the unfittest. Well,
in my book you either do it right or you get eliminated. In the last seven deals that I've been
involved with, there were 2.5 million stockholders who have made a pretax profit of 12
billion dollars. Thank you. I am not a destroyer of companies. I am a liberator of them! The
point is, ladies and gentleman, that greed, for lack of a better word, is good. Greed is right,
greed works.Greed clarifies,cuts through, and capturestheessenceoftheevolutionaryspirit.
Greed, in all of its forms; greed for life, for money, for love, knowledge has marked the
upward surge of mankind. And greed, you mark my words, will not only save Teldar Paper,
but that other malfunctioning corporation called the USA. Thank you very much.”
Wall Street was art imitating life, because more than twenty years later; (space doesn't allow the
many things that have altered perceptions since then), well you can see where it led. The corrupt
failures of previous administrations and the inherited failures of today's.
In the end, and I do mean the end, (as Rome was shifting from a republic to an empire, Horace
explains greed the best:
“When I bid you not to be a miser, I do not ask you to be a good-for-nothing and a

7. prodigal...”4
(Prodigal meaning, wastefully extravagant.), ...there is just measure in
everything. There are, in short, fixed bounds on either side of which right cannot exist,”).
However in enlightened times, with enlightened nations, can not the causes, (resources), and
consequences of greed, be met with a firm hand and the Rule of Law? Consequently, America's
polity being bi-cameral, (two house of legislature voting on the passing of laws), the blame's been
passed, its time for a new era. One of legislative leadership, for America's res publica or republic.
* * *
4
Ibid., 448.