Capitalism Soul Searching

The recent economic upheaval has been both the result and cause of home foreclosures, massive credit contraction, wiped out retirement savings and a plummeting Dow. In addition to the concrete effects, it looks like there is already a serious philosophical debate brewing about the proper form of capitalism.

I’m not saying this matter hasn’t come up before, especially with regard to our dreadfully deregulated financial systems. But, with entities like the IMF stepping into the discussion, this is taking it to a whole new level. Recall, the IMF has been one of the primary pushers of the so-called Washington Consensus during the 1990’s – a program that sung the praises of privatization and free markets.

This is not the death of capitalism (something I would not call for). Instead, this is perhaps the beginning of what could be a massive restructuring of American-style capitalism.

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