Thomas I’lemingrnKXECUTINK IvniTOKrnScoff P. RicherirnSENIOR I’-.DI TOR, BOOKSrnChilton Williamson, jr.rnA s s i S T W i h ; n i i ( )RrnJeffrey’ Thomas KvhnerrnARI niRIXTORrnH. Ward SlerettrnDKSIOM’RrnMelanie AndersonrnOOMRIBl’TIXC; I’.niTORSrnKatherine Dalion, Samuel Traneis,rnCeorge Garrett, Paul Gottfried,rnPlulih Jenkins, ].(). Tate, KUehaelrnWashburn, Clyde WilsonrnCORRESPONDINC, i:ni’l’ORSrnJanet Scott Barhnv, Bill Kaidfnian,rnDonald Livingston, William Mills,rnWilliam Minvhison, AndreirniSavrozov, Jacob feusnerrnl;-|Ll KDI TORrnGeorge McCartneyrnl-()RI-:i(: M’l’AlRS E O I I O RrnSrdja ‘PriflioviernI J : C ; I , A i ‘ i ‘ A i R S E I I I I O RrnStephen B. PresserrnKKIJOION h’.OIIOKrnHarold O./. Brownrni:ni’i()RiARSi’X:Ri:iARYrnLeann DobbsrnciRc;iiiAiio IANAOI:RrnCindy LinkrnP I I B I , I S I I I – ; RrnThe Rockford InstituternA ])ul)licati()n of I he Rocklord Institute,rnb.tlitorial and AtKertising Otiiees:rn9:.S North Main Street. Rockford, II, 61 lOi.rn; \M\.elir()nielesniat;a/iiie.ort;rnI’ Phone: i SI 7) 964-51154.rn.VKertisiiii^ Phone: (,S1 i :i ‘)64-5,Sn.rnSllhseription Department: P.O. Bc) Slid,rnMount Morris, 11,611154. Call l-S()()-S””o45′).rnP’.S.,. Newsstand nistrihntion h k’.astern NewsrnDistrihirtors, Inc., One .Media Wax, 12406 Rt. 25(1,rnMilan, Ohio 44S4S-9-(l5.rnOoi ris;ht I 21KK)I) 1’he Roellord Inslitntc.rni/hts resere(l.rn(‘limuiclm: A Muouznte of Aiuenatu Cullurcrn(ISSN (I.SS:-5-51 Ms published nionthlv for S59.(l(lrn(foreign siifjscriplicais atld SI2 tor snrhiee delixen,rnS4S Mail: |XTe:a In I’he Rocklord Institute,rn92SNorihlainSticet, Rocklord. II, 61 l()l-“t.l6l.rnPrelcrred post:ij^c ]xud at Rocklord, II.rnandaddihonal ni.iilins; olTiecs. POSdAkXSd’IsR:rnSend address ehan£;es to CJirniucla^, P.O. Box 801),rnMount Mom.s, II, 6III54.rnI he ie\s e])rcsscd in V.i]roiuclcs arc thernauthors alone and do not ueeessariK rellectrnthe ie\s of d’he Rocklord Institute or of itsrndirectors. Pnsolicitcd inannscnjjts cannot hernretiinicd unless aecoiup:ii!ied h a sclt-addressedrnstamped cnxclope.rnChroniclesrnPOLEMICS & EXCHANGESrnOn Capitalism and CulturernA,s both a cajaitalist and an Old Rightist, Irnwa.s ambivalent about Sam Francis’s articlerndeclaring capitalism the enem’ (Principalitiesrn& Powers, August). There isrnniueh truth to his anaKsis, but his blanketrncondemnation goes too far.rnSmall-scale capitalism proides muchrnof die freedom that remains in this countr-.rnrhe entrepreneurial boom of the lastrndecade, and the wcaldi diat has been created,rnare marxels to behold. What doesrnDr. f’rancis propose as an alternatie torncapitalism?rnI’liese ca’eats aside. Dr. Francis isrnright about the corruphon of contemporar-rnAmerican capitalism. This is notrnnccessariK’ endemic to capitalism itself,rnbut rather to the mutant, manic “bubble”rncapitalism of the last fie ears. Thernstock-market boom has created muchrnwealrii but it has also done mucli evil.rnMthout the boom, illegal immigrationrnwould be much lower. The risingrnstock market has financed the growingrnpow er of riie politically correct elementrnin the countiA’. Without the boom, therernwould hae been no bombers over Serbia:rnThe rising stock market has financedrnthe global world hegemony long soughtrnb the kners of empire.rnAmerican capitalism is going throughrna stage comparable to that of the 1920’srnand 6()”s: Fnormous gains in wealth accompaniedrnh a sharp decline in die culture.rnThis decline will be arrested diernsame wa it was in the preions tworneras —b- a stock-market crash, Wlien diernbubble bursts, Americans will wake up tornthe decay that they have tolerated in theirrnFausfian trade for money.rnCapitalism is not the problem; it is thernfinancial bubbles that seem to occur twornor three times every centur)/. Once therncurrent mania ends, rightists will leavernA’n Rand for Edmund Burke. Makingrnmoney through capitalism is not evil;rnmaking the pursuit of money one’s Godrnis. American culture needs a stock-marketrncrash.rn— Blake Joy nerrnChicago, ILrnDr. Francis Replies:rnI have no disagreement with the laternBlake ]oyner about the value of “smallscalerncapitalism” in sustaining freedomrn(aldiough I would prefer the term “business”rnor “enterprise” to “capitalism” inrnthis context). I do disagree that “Americanrnculture needs a stock-market crash.”rnWhat American culture needs is anrneconomic system and an economic eliternthat can consistently work together withrnthe culture, the nation, and the peoplernthat make private enterprise possiblernrather than working to destroy them asrncontemporary managerial capitalismrndoes.rnMr. Joyner was one whose life exemplifiedrnhow American business and businessmenrnshould work to protect and preservernboth cultural tradition and personalrnliberty, but I cannot say he vas representafivernof most American business leadersrntodav.rnBlake Joyner was one of the best friends Chronicles has ever had. A perennialrnoptimist, he “con erted” to our side after going to die beach and readingrna ear’s worth of the maga/inc. Blake made his living in gold-mining stocks,rnand he used to sa “Chronicles is like gold. Its real value is unappreciated inrn])ooni times and a bubble economy.” He thought people would only comernto their senses if the market crashed. Blake thought nodiing of driving fromrnChicago up to Rockford to licar a speaker, and he followed ns to NorthernrnItah for the entire conference and tour, where he played boon companionrnand baggagedifter for the entire party. He charmed everyone he met. Thernlast time I talked to him was in connection with this letter to the editor. Herndid not want to g\c the wrong impression, he said, because he admired SamrnFrancis. Onh’ a da or two later, he died of a heart attack at the age of 45.rn— Thomas Flemingrn4/CHRONICkESrnrnrn