This is sure to uncover the commies amongst us.
I think Marx was right about the inherent flaws in financial capitalism and wrong about communism:
“Owners of capital will stimulate the working class to buy more and more of expensive goods, houses and technology, pushing them to take more and more expensive credits, until their debt becomes unbearable. The unpaid debt will lead to bankruptcy of banks, which will have to be nationalized, and the State will have to take the road which will eventually lead to communism.”
– Karl Marx, 1867, Das Kapital
Soros’s view is much more accurate:
“Communism sought to abolish the market mechanism and to impose collective control over all economic activities. Market fundamentalism seeks to abolish collective decision-making and to impose the supremacy of market values over all political and social values. Both extremes are wrong. We need to recognise that all human constructs are flawed. Perfection is beyond our reach. We must content ourselves with the second-best; an imperfect society that opens itself open to improvement. Global capitalism is badly in need of improvement.
And my mate Hyman!
Minsky argued that the Great Depression represented a failure of the small government, laissez-faire economic model, while the New Deal promoted a highly successful Big Government/Big Bank model for financial capitalism.
The current crisis just as convincingly represents a failure of the Big Government/Neoconservative (or, outside the United States, what is called“neoliberal”) model that promotes deregulation, reduced supervision and oversight, privatization, and consolidation of market power in the hands of money manager capitalists.
So are you a closet communist?
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