Monday, December 6, 2010
In 2009 a Newsweek cover insisted that “We Are All Socialists Now,” soon after Alan Greenspan publicly decried the “infectious greed” of markets. Meanwhile long-failed Keynesian policies have been aggressively re-imposed on innocents almost daily.
Despite an economic recovery this past year, hostility remains trained on Wall Street, business, profits and the rich, whether by populists from the left and right, or by capitalism’s traditional haters among politicians and journalists. The Economist just ran a column titled “The Filthy Rich,” which declares that since the rich are “unloved and unwanted” they should “hide or support a charity.” The hatred of wealth-makers is ubiquitous–yet people wonder why capital is on strike.
What explains this seemingly abrupt shift in the world’s estimate of capitalism from only a couple of decades ago? After all, a political-economic system, whether capitalist or socialist, is a broad and persistent phenomenon that cannot logically be construed as beneficial one decade yet destructive the next. These systems simply are what they are, for good or ill.
Yet while capitalism was being credited as “victory” over socialism a mere two decades ago, it now stands convicted without a trial, amid a revived eagerness for socialist schemes. Not even today’s Tea Party movement seems committed to capitalism in any deep sense. More at:
Posted by Michele Kearney at 10:47 AM