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Thread: What’s Wrong with Contemporary Capitalism?

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    What’s Wrong with Contemporary Capitalism?

    This is a topic I've been bringing up for some time now, the need for community to stand as a buffer between us and the State and Market.

    What’s Wrong with Contemporary Capitalism?

    ... Raghuram G. Rajan, a former governor of the Reserve Bank of India who teaches at the University of Chicago Booth School of Business, brings his unparalleled knowledge and experience to bear on the problem. In his new book,The Third Pillar: How Markets and the State Leave Community Behind, he arguesthat the cancer afflicting contemporary capitalism is the failure neither of “Leviathan” (the state) nor of “Behemoth” (the market), but of community, which no longer serves as a check against either monster. Rajan thus prescribes an “inclusive localism” to rebuild communities that can furnish people with self-respect, status, and meaning.

    The Third Pillar offers deep historical context to explain the current moment, but it is most successful when it retraces developments after World War II to explain why everything started unraveling around 1970. Until then, the world had been busy recovering and rebuilding, and economic growth had received an added boost from the adoption of frontier technologies through replacement investment.

    But trend growth has decelerated since 1970, accounting for many of our current difficulties. Through it all, governments have had no idea how to address the slowdown, other than to promise a restoration of the lost postwar paradise. In most cases, that has meant additional borrowing. And in Europe, elites have pursued continental unification with the great aim of stopping recurrent episodes of carnage. Yet in their rush to secure the obvious benefits of integration, they forgot to bring their citizens along. They have since learned that after hubris comes nemesis.

    The success of social democracy in the postwar era weakened the market’s power to act as a moderating influence on the state. According to Rajan, these weakened actors, in both Europe and America, were in no position to deal with the revolution in information and communication technology (ICT) that they were about to face, leaving ordinary people to face the threats on their own. Rather than helping their workers manage the disruption, corporations made it worse by using their employees’ vulnerability to enrich their shareholders and managers.

    ...Like Rajan, I think that community is a casualty of an elite minority’s capture of both markets and the state. But unlike him, I am skeptical that stronger local communities or a policy of localism (inclusive or not) can cure what ails us. The genie of meritocracy cannot be put back in the bottle.
    Tradition is not the worship of ashes, but the preservation of fire. ― Gustav Mahler

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    Sergeant Gleed's Avatar Senior Member
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    What's wrong with the practice of capitalism in this country is non-market forces of significant strength.

    College tuitions are impossible because there's too much money thrown in by government, utterly destroying the normal self-regulating mechanisms that keep prices down. In fact, the flood of money has had the effect of rocketing the tuition costs and board costs and book costs.

    Too much regulation has boosted medical costs.

    Too much regulation has led to completely artificial housing shortages across the country.

    Government is not supposed to regulate markets.
    Freedom Requires Obstinance.

    We the People DID NOT vote in a majority Rodent Congress, they stole it via election fraud.

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    Individuals exercising individual liberty are the building blocks. Governments, even "good" ones damage individuals and individual liberty. We restore communities by reducing the burdens all governments place on us.

    We are not a collective.
    Call your state legislators and insist they approve the Article V convention of States to propose amendments.


    I pledge allegiance to the Constitution as written and understood by this nation's founders, and to the Republic it created, an indivisible union of sovereign States, with liberty and justice for all.

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    Quote Originally Posted by MisterVeritis View Post
    Individuals exercising individual liberty are the building blocks. Governments, even "good" ones damage individuals and individual liberty. We restore communities by reducing the burdens all governments place on us.

    We are not a collective.
    Communities aren't collectives, not in the sense of commie collectives. They're organic, holistic like families.
    Tradition is not the worship of ashes, but the preservation of fire. ― Gustav Mahler

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    I saw that article earlier. Interesting.
    ΜOΛΩΝ ΛΑΒΕ


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