Monday, November 30, 2015

Krugman reviews Reich's Saving Capitalism

See his review here. Therein he said:

"To be honest, I have mixed feelings about this sales pitch. In some ways it seems to concede too much, accepting the orthodoxy that free markets are good even while calling for major changes in policy."

Which reminds me of what I said about the book in this post:

"And he accepts that capitalists are just doing what is natural to capitalism and it would be ok if we just reinstituted those countervailing forces again. But the premise is wrong because what is now is the exact result of a defunct system that indeed is doing what is natural to it. It would have done so long before had it not been for those countervailing forces, but the latter have been destroyed beyond repair never to see the light of day again. It is capitalism that has to go. It is beyond saving. We can't go back to a better capitalism. The capitalists will see to that."

There is much more astute analysis in Krugman's review so please read it.

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