John Calvin Coolidge Jr. (1872-1933). (Source: Flickr Commons project, 2017) 1918
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Many people have likely heard a quote attributed to President Calvin Coolidge, “The business of America is business,” but this is a misquote. The real quote is a little bit different and the context in which it was said is not likely what most would expect.
The actual quote wasn’t necessarily a simple, catchy line. It wasn’t in a Big Business Speech or an answer to a business related question. It was spoken during an address President Calvin Coolidge gave to the American Society of Newspaper Editors in Washington, D.C. on January 17, 1925. Given that the speech was before a news trade group, Coolidge was talking about the role of the press in a modern, democratic America and included warnings about the evils of propaganda. But more specifically, he was talking the role of the press in free-market America. After speaking for a bit he eventually said:
After all, the chief business of the American people is business. They are profoundly concerned with producing, buying, selling, investing and prospering in the world.
While the quotes themselves may differ, for many, the sentiment behind both may not differ all that much.
The next day, Washington’s Evening Star ran a short piece on Coolidge’s speech and even included a transcript (the American Presidency Project also has a transcript). If you want to find out more about Calvin Coolidge, the Library has developed a guide with a number of resources.
July 3, 2020 at 6:27 pm
Trade is the builder and destroyer of civilizations. Capitalism is the way business is done in a country of, by, and for the people. The concept of fair business practices is the commercial version of the golden rule. It preserves freedom-to-choose. To the extent it is practiced, is the extent of the life of a civilization.
February 1, 2021 at 9:24 pm
Capitalism is the exploitation of labor and resources.Ideally, it is at labor’s choice but doesn’t have to be, i.e. servitude, slavery, fascism etc. It is never the resource’s choice to be polluted, dredged, burned, sucked, drilled, deforested and devalued.
Choosing to prosper is fine, defining prosperity only in terms of production and consumption is limited. See Mark 8:36. The problem with government promoting business is that it puts the rights of corporations above the rights of man. Ultimately, resources fade and fail. Then so too, does the business.
February 11, 2021 at 10:20 am
@The Social Capitalist –
Thankfully America didn’t much heed your philosophy or it would’ve remained a bum nation. American Indians were very much into nature and natural resources, much less into production and productivity. Were they better off, dying at a young age?
Government shouldn’t “promote” business; it should just get out of its way as much as reasonably possible. That was Coolidge’s view, and mine. In a largely free market, the rights of corporations ARE determined by the rights of man. It is the consuming man who decides which corporations prosper and which don’t. Those who serve the people rake in that profit; those who don’t don’t.
Romantic ideas about natural resources don’t build civilization. Innovation, economic efficiency, and mass production do.
February 11, 2021 at 10:24 am
I don’t know why the author of this post is trying to explain away Coolidge’s quote. The president clearly meant that Americans were very much into business and economic activity. And I don’t see what’s wrong with that. It’s obviously not the only thing, but definitely in the top 3 of ‘What America Does.’