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"The body of economic knowledge is an essential element in the structure of human civilization; it is the foundation upon which modern industrialism and all the moral, intellectual, technological, and therapeutical achievements of the last centuries have been built. It rests with men whether they will make the proper use of the rich treasure with which this knowledge provides them or whether they will leave it unused. But if they fail to take the best advantage of it and disregard its teachings and warnings, they will not annul economics; they will stamp out society and the human race."
Things were much darker when Mises wrote that (1949) than they are today, but we are only a few years away from graduating the first class of college seniors that hadn't yet been born when the Soviet Union collapsed. It has been said that those who do not learn from the past are doomed to repeat it. We would do well to study the intellectual, political, social, and economic history that made Mises write with such urgency and passion lest we be doomed to repeat it. Tragically, that's exactly what will happen if those who urge us to "smash capitalism" and "abolish private property" get their wish.
Who wants to destroy capitalism? Don't say OWS, because it's not true. Wanting to cut big business out of funding elections is NOT trying to destroy capitalism. I'm a small business owner, I love making money, and I support OWS. Big business just needs to get it's fingers out of politicians pockets--that has nothing to do with a free market.
An absolutely true statement. Capitalism is the core of our current civilization. The problem is big business, not government, has nearly replaced capitalism with insider trading and cronyism as well as bought government bailouts of the very wealthiest and biggest corporations. Business as usual at the highest level is no longer capitalism but a small club of government backed mobsters.
Indeed our current civilization is being destroyed as capitalism is crushed by monopoly and collusion. As a far leftist I do not want to destroy capitalism but I want to restore it at the highest levels of our economy while providing a cushion for the people that cannot afford the risk to become small capitalistic businessmen. This cushion would principally a Universal Health Care system paid for by progressive taxation. It would also have a provision to protect small business from the predatory practices of Wall Mart and others.
Capitalism is too fragile a system to be in the unregulated hands of businessmen that will always try and create a monopoly because there is where the big profits are made.
A decent article which addresses the perils of an economically illiterate society.
at the highest levels of wealth and power, we are socialist, Too big to fail.
most of the remaining peons play by the rules of capitalism.
This fellow talks about "those who urge us to smash capitalism." I haven't the slightest idea who he is talking about, but in my humble opinion, as a society we "smashed capitalism" for good in 2008. Financial institutions became insolvent after making bad bets. All along, they had secretly expected the taxpayers to come to the rescue the whole time. The implicit backing of Fannie and Freddie, became the explicit suspension of capitalism for not just the GSE's, but the entire finance industry.
Last edited by Cletus Awreetus-Awrightus; 10-25-2011 at 05:33 AM..
Nothing wrong with returning the excess value of commodities gained through circulation back to those who produce them. Profits will still be realized from sale and rent it'll just be tied directly to production costs.
at the highest levels of wealth and power, we are socialist, Too big to fail.
most of the remaining peons play by the rules of capitalism.
As a society, we "smashed capitalism" for good in 2008. Financial institutions became insolvent after making bad bets. All along, they had secretly expected the taxpayers to come to the rescue the whole time. The implicit backing of Fannie and Freddie, became the explicit suspension of capitalism for not just the GSE's, but the entire finance industry.
This is so true in a lot of ways. We spent the 20th century building a Leviathan government starting under Woodrow Wilson, and continuing on the long march with FDR, LBJ, and BHO. Always in the name of helping the little guy. But the problem was that once we created that monster machine, it was inevitable that the big guys would get their hands on it. As can be seen from any list of top political donors. Top All-Time Donors, 1989-2012 | OpenSecrets
In essence the OWS'ers seem to want to keep leviathan gov't while keeping the corporations hands away from the levers of power. It's not going to happen.
This is so true in a lot of ways. We spent the 20th century building a Leviathan government starting under Woodrow Wilson, and continuing on the long march with FDR, LBJ, and BHO. Always in the name of helping the little guy. But the problem was that once we created that monster machine, it was inevitable that the big guys would get their hands on it. As can be seen from any list of top political donors. Top All-Time Donors, 1989-2012 | OpenSecrets
In essence the OWS'ers seem to want to keep leviathan gov't while keeping the corporations hands away from the levers of power. It's not going to happen.
The big guys paid off politicians to GUT the regs that made them accountable. Time to put the regs back, and make it permanently impossible for them to do it again--we need a constitutional amendment to publicly finance campaigns.
IMHO - We should figure out a way to keep business a separated from government as we do religion. Limiting campaign contributions to a reasonable maximum and preventing donations from all companies big or little would be a start. Requiring federally licensed media to provide air time would be another. Perhaps requiring all debates to be only aired on the PBS stations. Just looking for ideas.
Politicians should be selected on platforms and personality not on how many bribes the can gather.
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