Individual freedom versus the common good

“We the people…” So starts the preamble to the U.S. Constitution in framing the goals and purposes of government, including the promotion of the “general welfare,” or more plainly, the government’s obligation to support the well-being of its people.

Today, some 250 years later, this objective remains in focus as Americans debate how best to address the daunting challenges of income inequality, housing and healthcare costs, systemic racism, economic development and educating the next generation. Our debates about solutions, in person and especially online, are more pointed and partisan, angry and rancorous, driven undoubtedly by the successful enrage-to-engage formulas for print, network and online media. Is this the best we can do? Are we resigned to proving true Winston Churchill’s observation: “Democracy is the worst form of government, except for all the others.” I don’t think so, but we all have work to do, starting, as always, with listening, reflecting and reading a few insightful books. 

Much of our public-policy debate is neither nuanced nor productive, with one side arguing against overregulation and the importance of individual, not government, action, and counterarguments for effective regulation, community consensus and a collective approach to broad problems. This cynical, simplistic framing is intentional, and it’s only getting worse, according to behavioral economics professors Nick Chater and George Loewenstein, authors of It’s On You: How Corporations and Behavioral Scientists Have Convinced Us That We’re to Blame for Society’s Deepest Problems. From pollution and climate change to sports gambling and drug addiction, corporations and moneyed interests often cast problems as the responsibility of individuals to avoid regulation and oversight and to maintain profits and the status quo. For example, disclaimers in fine print at the bottom of sports-betting ads likely aren’t enough, especially given the societal stakes. To effect systemic change and encourage responsible corporate stewardship, we need to recognize these diversionary tactics, call them out consistently and consider true costs, solutions and the “general welfare.” With midterm elections approaching this year, voters and the people they elect should read this compelling new book.  

One essential area for finding a balance for individual freedom and shared responsibility is the U.S. innovation economy and the financing that drives it. That makes Untamed Unicorns: Why Startup Finance is Broken and How to Fix It, the forthcoming book by law professor and former SEC Corporate Finance Director Renee Jones, an engaging, essential read. Securities regulation in the U.S., grounded in disclosure, investor oversight and market discipline, has buttressed our enviable economic growth for decades. However, industry efforts at deregulation have given rise to over 1,500 privately held, billion-dollar-valued “unicorn” companies, up from 40 in 2013, with most avoiding any meaningful regulation, disclosure or oversight — despite raising millions and employing thousands in critical industries. What could possibly go wrong? Jones has some ideas and she persuasively uses history to frame future reforms that could protect investors and our overall economy from outsized risks and harm. 

Ultimately, achieving the preamble’s goal of a more perfect union requires each of us to look beyond what we can accomplish alone. Friends of the Good, the new book by Demond Martin, former hedge fund manager and current social entrepreneur, reflects this timeless truth. Like the Framers, Martin borrows from classic Greek philosophy, Aristotle, to describe how friendships based on virtue and character can be transformative and key to a sustainable community. In 2026, we need this quintessentially American story of a purpose-driven life.   

Ours is “a republic, if you can keep it,” Ben Franklin famously said. If we can focus on finding ways to turn toward — instead of turning on — each other with the challenges ahead, we all stand a better chance. 

Read in the Boston Business Journal

Larry Gennari is a business lawyer and chief curator of Authors & Innovators, an annual business book and ideas festival. Watch recent interviews with authors here. Gennari also teaches Project Entrepreneur, a business fundamentals bootcamp for returning citizens, at BC Law School.