The supposed anarchy of free-market capitalism is once again being replaced by a more regimented and statist world order. The result will be a poorer and more dangerous world, defined by zero-sum competition, deep distrust, and political elites that will line their pockets at the expense of the powerless and vulnerable.Dismal and true, at least for now. But pendulums swing, and the current administration's combination of economic incompetence and malfeasance (exemplified by the Chrysler haircut) is recognized by a broadening swath of the population.
Tuesday, January 12, 2010
Poorer and more dangerous
Recommended reading: "The Revenge of Mercantilism,' by Reihan Salam in Forbes. Draws some dispiriting conclusions from the Cohen-DeLong book The End of Influence: What Happens When Other Countries Have the Money. Excerpt from Salam: