January 4, 2012

HISTORY HAVING ENDED:

Capitalism is busting out all over: Signs of resilience in troubled times (Chicago Tribune, January 4, 2012)

[I]t's not as if any other system is rising up to take the place of the one we've got.

On the contrary, capitalism is busting out all over.

Who imagined during the Cold War that Russia would join the free-marketeers at the World Trade Organization, which approved its entry last month? Or that China would push, with strong justification, for more influence over the global bankers at the International Monetary Fund?

State control lingers in some sectors, and government subsidies remain problematic in every big nation. Government management of national economies, however, is falling by the boards. Western-style private enterprise, despite its penchant for booms and busts, will lead the world out of the mess it led the world into. We should all be grateful for that, because it is the most efficient path forward.

Where to? The destination that matters most for the leading economies: Out of debt.

The ease with which capitalism sailed through the recent credit crisis is the most salient feature of the entire episode.

Posted by at January 4, 2012 7:37 AM
  

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