Yoshi Tsurumi: When Bush Was My Student at Harvard, He Denounced Social Security

Yoshi Tsurumi, in the Harvard Crimson (4-6-05):

[Yoshi Tsurumi is a professor of international business at Baruch College. He earned his Doctor of Business Administration from Harvard in 1968, and he taught at Harvard Business School from 1972 to 1976. ]

Thirty years ago, President Bush was my student at Harvard Business School. In my class, he called former president Franklin D. Roosevelt, Class of 1904, a “socialist” and spoke against Social Security, unemployment insurance, the Securities and Exchange Commission, and other New Deal innovations. He refused to understand that capitalism becomes corrupt without democratic civic values and ethical restraints.
In those days, Bush belonged to a minority of MBA students who were seriously disconnected from taking the moral and social responsibility for their actions. Today, he would fit in comfortably with an overwhelming majority of business students and teachers whose role models are celebrated captains of piracy. Since the 1980s, as neo-conservatives have captured the Republican Party, America’s business education has also increasingly become contaminated by the robber baron culture of the pre-Great Depression era.

Bush is the first president of the United States with a Master’s of Business Administration (MBA). Yet, he epitomizes the worst aspects of America’s business education. To privatize Social Security, he is peddling a colossal lie about its solvency. Furthermore, Bush, along with today’s business aristocrats, shows no compassion for working Americans, robbing them to benefit big business and the very rich. Last year, due to Bush’s tax cuts, over 80 of America’s most profitable 200 corporations did not pay even a penny of their federal and state income taxes. Meanwhile, to pay for his additional tax cuts for the very rich, Bush is drastically cutting back several social services, such as federal lunch programs for poor children...

To justify the robber baron culture, America’s business educators and economists falsely cite their demigod of laissez-faire market economics, Adam Smith. Little do they know that Adam Smith in fact scathingly castigated Bush’s type of government: business collusion and unfair taxes, Wal-Mart’s exploitations of labor and communities, and robber barons’ hubris. Nowhere in his 900-page book, The Wealth of Nations, does Smith even imply that those who knowingly harm others and society in their pursuit of personal greed also benefit their society. He rejects the notion that a corporation exists to make money without ethical constraints.