The Evils of Unregulated Capitalism by Joseph E. Stiglitz

[Donnachaidh]

https://www.commondreams.org/view/2011/07/10-5

Just a few years ago, a powerful ideology - the belief in free and unfettered markets - brought the world to the brink of ruin. Even in its hey-day, from the early 1980s until 2007, US-style deregulated capitalism brought greater material well-being only to the very richest in the richest country of the world.

Indeed, over the course of this ideology's 30-year ascendance, most Americans saw their incomes decline or stagnate year after year.

Moreover, output growth in the United States was not economically sustainable. With so much of US national income going to so few, growth could continue only through consumption financed by a mounting pile of debt.

I was among those who hoped that, somehow, the financial crisis would teach Americans (and others) a lesson about the need for greater equality, stronger regulation, and a better balance between the market and government.

More at the link --

[Bigmack]

1. K&R... nt

[banned from Kos]

2. Unregulated Capitalism = Market Fundamentalism (Soros)

The odd fact is that Capitalism loves regulation - its the criminals who do not.

Rules/regs move capital to the better provider.

That is why criminal capitalists are mostly conservative (I can point out many). Personally, Bernie Ebbers cost me a small fortune. I only invest in liberals now (Apple, Google, Netflix, Buffett).

[chill_wind]

3. K & R.

"The remedies to the US deficit follow immediately from this diagnosis: put America back to work by stimulating the economy; end the mindless wars; rein in military and drug costs; and raise taxes, at least on the very rich.

But the right will have none of this, and instead is pushing for even more tax cuts for corporations and the wealthy, together with expenditure cuts in investments and social protection that put the future of the US economy in peril and that shred what remains of the social contract.

Meanwhile, the US financial sector has been lobbying hard to free itself of regulations, so that it can return to its previous, disastrously carefree, ways.

But matters are little better in Europe. As Greece and others face crises, the medicine du jour is simply timeworn austerity packages and privatization, which will merely leave the countries that embrace them poorer and more vulnerable. This medicine failed in East Asia, Latin America, and elsewhere, and it will fail in Europe this time around, too. Indeed, it has already failed in Ireland, Latvia, and Greece."

But what would guys like Stiglitz know?

:-(

[provis99]

4. well, it's not evil to the Rich.

They think unregulated capitalism is good and holy.

[elleng]

6. It is, to the smart ones.

[elleng]

5. Rational capitalism requires regulation,

as rational government and individuals require laws.