Monday, September 17, 2007

A not so gentle reminder about capitalism

While we gnash our teeth over NAFTA and globalization, it may be prudent to read The London Times's review of The Shock Doctrine: The Rise of Disaster Capitalism. Of course, prudence lacking in true satisfaction does remind us of reality. Capitalism's reality consists of storminess as well as benefits. Which is why no one actually enjoys capitalism except those buffered from its worst effects (oh, how many economic professors are truly out in the marketplace?). The nineteenth century's robber barons set up the trusts to protect themselves from the vagaries of capitalism (and keep its riches to themselves). The New Deal Keynesians set up a safety net for the rest of us. Regarding NAFTA, we need to separate the necessary and unnecessary capitalistic parts from one another.

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