Jobs in America will return if hands-on managerial culture – the kind the Puritans exemplified and which created US prosperity – replaces the 'professional' MBA approach to business.
Hackettstown, N.J.; and London
What caused the great recession?
Almost all, however, look to current or recent developments, not long-term historical trends. Yet the real story of the massive meltdown of 2008 starts not in the late 20th century but in the early 17th.
It was in the 1630s that the Puritan migration to America set the cornerstone for US economic prosperity – and it was our falling away from Puritan values in the 1970s that sowed the seeds of destruction.
This migration endowed the Bay Colony of Massachusetts with four core beliefs: (1) a conviction that the purpose of life, however vaguely conceived, was to establish the Kingdom of Heaven on Earth; (2) an aptitude for the exercise of mechanical skills; (3) a moral outlook that subordinated the interests of the individual to the group; and (4) an ability to assemble and use financial, material, and human resources to a single purpose, on a massive or a lesser scale.
These four beliefs created a powerhouse. The genius of America's inherited "hands-on," "can-do," "up-the-ladder" managerial culture cannot be overstated. In the course of three centuries, it turned a handful of small colonies into the greatest economic and political power on earth.
The perversion of this culture – spurred by the rise of the "professional manager," often with an MBA degree – has hollowed out the US economy and undermined American thrift and self-reliance. Forty years ago, the net national savings rate was 10 percent. Last year, it reached minus 2.5 percent.
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