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The Minsky Meltdown: Why Capitalism Fails (and Why It Will Fail Again)
09.21.2009
12:09 pm
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Fascinating article about the “genetic flaws” if you will of the capitalist system. It’s actually kind of amazing to read an article like this in a major newspaper—and of course, there are others these days—but a decade ago, even five years ago, opinions such as the ones reported here never would have gotten mainstream exposure. Maybe in The Nation or Harper’s or the Atlantic, but not in a daily paper.  It’s about time the public wakes up to the facts about “the system” we exist in… and seeks a better one. Capitalism sure ain’t the best we can do, people… It’s not the only—and it’s certainly not the smartest—choice for the greater good.

Since the global financial system started unraveling in dramatic fashion two years ago, distinguished economists have suffered a crisis of their own. Ivy League professors who had trumpeted the dawn of a new era of stability have scrambled to explain how, exactly, the worst financial crisis since the Great Depression had ambushed their entire profession.Amid the hand-wringing and the self-flagellation, a few more cerebral commentators started to speak about the arrival of a ?

Posted by Richard Metzger
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09.21.2009
12:09 pm
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