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dennyc
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The "Crisis of Capitalism" Is a Lack of Capitalism

- Nathan Lewis - New World Economics

To say that capitalism is undergoing a crisis is an understatement and quite a big one at that. The economic system alive and breeding in America today is something, but I wouldn't label it 'capitalism'. It's something, but nothing akin to the system that has been, more or less, successfully practiced by Americans for three centuries now. Mr. Lewis offers a trenchant description of what our economic system has devolved to and the dynamics involved in getting us there; yet the word 'capitalism' should not be used to describe the predatory practices which are currently and forcefully being applied to our system of supply and demand, appraisal and value and buying and selling goods and services. Even Chingus Khan understood the inalienable truth: One doesn't destroy the sources of one's wealth. He attempts to enhance them so that they may continue providing what is necessary to live as close to comfort and security as possible. Sure, the Khan was bestial in his treatment of certain conquered peoples, but he only destroyed infrastructure and societies when he met too much resistance and it was deemed too costly to continue his efforts in subduing them. His taxation policies were tolerable for merchants and, among other things he imposed to bring stability, were policies providing religious freedom for all and the honoring of contracts between businessmen. Needless to say, any wandering away from his laws was dealt with harshly, very harshly. Sadly, we do not possess a leadership these days that understands this concept. The predators on the loose today in what is still called 'business' come from the Smash and Grab School of Economics and we all know who they are. Corzine is simply the tip of the nightmare. He and his rapacious colleagues care nothing about keeping the goose intact and the almost gratifying irony in the looting and ultimate destruction of the sources of wealth which provide for us all is that these repugnant predators will go down with the rest of us. Mr. Lewis' comments are really an appeal to moderation and at the same time, a eulogy for the days when capitalism did reasonably provide for us all, promise us an even more secure future and was at least minimally responsive to demands for innovation, justice and change. I wish the Khan was still around. This theft, graft and destruction would have been taken care of as soon as it reared its monstrous head for it takes a barbarian to deal with barbarians and sitting on the sidelines watching THAT game would have been a lot more fun!

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Beginning of the headline : “The American economy increasingly serves only a narrow part of society, and America’s national politics has failed to put the country back on track through honest, open, and transparent problem solving.Too many of America’s elites-among the super-rich, the CEOs, and many of my colleagues in academia-have abandoned a commitment to social responsibility... Read More

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