Capitalism and Competition: What is Fair?
Our visit to Jekyll Island brings to life the story of American capitalism in all its complexity. This island, once the exclusive retreat of the Jekyll Island Club’s elite members, held in its small stretch of land some of the world’s most concentrated wealth and influence—about one-sixth of the global wealth at its height. Members included the titans of American industry, those who built vast fortunes through innovation in energy, railroads, and other sectors that shaped modern society. Yet, as we walk the grounds today, the story of Jekyll Island reveals the dynamic tension between private wealth and public access, a story that echoes through our ongoing discussions about fairness, competition, and environmental preservation.
In the early 20th century, Jekyll Island Club’s membership began to decline. The Great Depression, antitrust legislation, and the introduction of income taxes all weakened the club’s exclusivity. During World War II, membership fell even further, as resources were directed toward the war effort. Eventually, membership dwindled from nearly 100 of America’s wealthiest families to just 10 people, and by 1947, the club could no longer pay its property taxes.
In a decisive move, the governor of Georgia seized Jekyll Island through eminent domain, converting it into public land. At that time, only three miles of Georgia’s 100-mile coastline were open to the public, so transforming Jekyll Island into a state park marked a significant shift in priorities—reclaiming a once-private paradise for the enjoyment and benefit of everyone.
Yet, even as Jekyll Island transitioned to public access, careful limits were placed to protect its natural beauty. Only one-third of the island is open for development, with two-thirds remaining as a nature reserve. This balance reflects a recognition that, regardless of who controls the land, there is an enduring need to preserve parts of the natural environment. While Jekyll Island’s wealthy founders once held exclusive access, today’s custodians of the island acknowledge that conservation is essential for future generations.
The story of Jekyll Island underscores not only the push and pull over who should have access to resources but also the importance of safeguarding nature itself. Through taxation, antitrust laws, and public acquisition, American society has found ways to redistribute wealth and expand access while preserving spaces that remain beyond any one group’s control. This balancing act—between progress and preservation, private gain and public good—is a reminder that, whatever mechanisms society chooses, there must be a commitment to protecting both the environment and equitable access.
