Capitalism has failed… Not
In a well-reasoned post, Atanu writes:
The cry goes out, “Globalization has failed. The market system is bad. Capitalism is evil.”[…] Yes, the market system is not perfect. It does not always function well — but compared to what? […] The market system only appears to be bad when you compare its occasional failures relative to its long-run successes.
[…]
States that failed to recognize the power of markets and capitalism, stagnated and lost ground. The US, to take an example, rapidly developed in the 20th century and increased its per capita income seven-fold in a matter of a generation and a half. The US evokes envy among economies that made the wrong choices — but the fault lies not with the US but with the envious others.
What failed is not capitalism, but a system of checks and balances. People behaved irresponsibly not because people are greedy, but because the system rewarded specific irresponsible behaviours. The irresponsible behaviour was in fact fanned by flawed governmental policies as well (not just lack of oversight).
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