Chris Upton Blog 1 Post: "Greed Is Good"

“Greed is good.” – Gordon Gecko, Wall Street

In a captivating scene, the antagonist of the film Wall Street explains his motto and justifies his actions in accruing mass sums of wealth at the expense whoever stands in his way. Gecko states, “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 captures the essence of the evolutionary spirit. 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 call the USA.”” Since the release of the film, Gecko’s famous “Greed is good” speech” has inspired entrepreneurs and Wall Street traders, become a mantra for free market ideologues, and infuriated various religious groups and altruistic organizations. Why does Gecko’s speech from the film written by Stanley Weiser and Oliver Stone become so renowned in our society and register such an emotional response with the viewer? Where did the ideas of the speech come from and what effect does this origin have in resonating with the audience of the film?

Gecko’s statement argues that personal greed drives all progress and advancement in society. The statement’s basic alliteration and colloquial simplicity make it a catchy slogan for those who believe in its worth. The simplicity of the statement not only seems easy to understand but also justifies a particular outlook and way of life.

While the words seem incredibly fresh when delivered by Gecko in the film, the mantra has been argued throughout the 20th century by various economic philosophers. Perhaps the speech resonates profoundly in society because it has become one of the classic debates of the 20th century: Is greed really good for society? By centering on this particular question, Stone’s film examines the merits to which such a philosophy holds. The film utilized Gecko’s speech as a tool to characterize the economic policies and beliefs of the Reagan era. The economics of the Reagan era issued in unprecedented deregulation of markets and reduction of government intervention in the private sector and citizen’s lives. Reagan believed the profits and gains acquired by those at the top in such a system would trickle down throughout all classes and improve society as a whole. Ever since the days of Reagan, conservatives have further embraced the “Greed is good” mantra.

Although Stone’s film popularized the slogan and the Reagan administration implemented the idea in governance like never before, the ideas within the simple phrase “Greed is good” have been ingrained within society for a long time. Since the 18th century when economist Adam Smith outlined his theory of “The Invisible Hand” in writing The Wealth of Nations, the idea that individual self interest benefits all of society has been a major influence in American philosophy and economics. Widely considered “The Father of Capitalism,” Smith has profoundly influenced society and economic thought. Many disciples of the Smith view Gecko’s speech as just rewording and simplifying Smith’s “Invisible Hand” for the modern era.

During the time between Smith and Reagan, many writers and economic thinkers echoed the “Greed is good” mentality throughout the 20th century. In writings and major novels throughout her career, famous author Ayn Rand reissued Smith’s call for individual self interest above all else. Rand wrote, “The first right on earth is the right of the ego. Man’s first duty is to himself.” Rand outlined her approach in a philosophy called Objectivism. In mentoring thinkers like Alan Greenspan, Rand’s economic outlook elevating self-interest permeates the framework of many corporations and the hearts of many citizens within the United States today.

While Stone’s “Greed is good” speech captures the moral dilemma at the heart of the film Wall Street, it also expresses the controversial economic and personal philosophy more simply than ever before. Furthermore, the film exposes on the grand stage of cinema the extent to which the mantra has become entrenched within society. The outrage and praise of Gecko’s words continues today as companies never stop trying to find new ways to grow and citizens express outrage over the bonuses of executives. The “Greed is good” mantra will now always represent a portion of the beliefs of our democratic capitalist society and in return evoke feelings of outrage by those who disagree with it and its role in our American system.