TeeJaw Blog

The Profit Motive Saved the Miners In Chile

Posted in Government and Politics by TeeJaw on Thursday, October 14, 2010, 10: 04 AM

That’s right. It was free-market capitalism, in other words, the motive of make a profit, that saved the lives of the 33 Chilean miners trapped one-half mile below ground for 69 days. The main hero is the 74-employee Center Drill, Inc. in Berlin, Pennsylvania that invented the drill bit, called the Center Drill Bit, that bored the tunnel through which the miners were rescued. This technology did not exist 25 years ago, and exists today only because some entrepreneurs took a risk to make a profit. Without their innovative ideas and the technology they developed the Chilean miners would be dead today. Other technology developed by private companies from Germany, Japan, Korea, enabled the rescuers to communicate with the miners during their ordeal, provide them with food and water, protect them from infection, and keep them in good spirits.

The Chilean government welcomed this technology from capitalist innovators around the world. What a contrast to the behavior of the Obama government during the BP oil spill which refused to allow Dutch vessels to assist in the BP oil cleanup, even though the Dutch happen to be the technological world leaders in oil spill clean up. The reason was the infamous Jones Act, a union protectionist scheme to stifle foreign competition with U.S. shipbuilding. Protecting the unions was more important to Obama than cleaning up an oil spill disaster.

Dan Henninger in the Wall Street Journal says this:

The miners’ rescue is a thrilling moment for Chile, an imprimatur on its rising status. But I’m thinking of that 74-person outfit in Berlin, Pa., whose high-tech drill bit opened the earth to free them. You know there are tens of thousands of stories like this in the U.S., as big as Google and small as Center Rock. I’m glad one of them helped save the Chileans. What’s needed now is a new American economic model that lets our innovators rescue the rest of us.

These two videos tell a compelling story:

Vodpod videos no longer available. Vodpod videos no longer available.

Now read this story from the Los Angeles Times and ask, is this satire? Or, are they serious? I think they’re serious. It’s the liberal mindset.

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