Monday, September 21, 2009

Capitalism: A Love Story

In a (p)review urging that all should see Michael Moore's new movie, the nail is struck squarely on the head by...Arianna Huffington?
In the film, Michael describes capitalism as evil. I disagree. I don't think capitalism is evil. I think what we have right now is not capitalism.

In capitalism as envisioned by its leading lights, including Adam Smith and Alfred Marshall, you need a moral foundation in order for free markets to work. And when a company fails, it fails. It doesn't get bailed out using trillions of dollars of taxpayer money. What we have right now is Corporatism. It's welfare for the rich. It's the government picking winners and losers. It's Wall Street having their taxpayer-funded cake and eating it too. It's socialized gains and privatized losses.
While she's flip-flopped the last sentence, her point is correct.

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