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See a video from The Guardian of the PRC Celebrations:
Every single one of the accounts of American Capitalism offered by listeners here is better than that offered by James Fallows or ANYONE currently teaching economics at Harvard or Chicago (the seats of right-wing stupidity driving the US to hell these days).
capitalism in the united states..
It is mostly a plutocratic and oligarchical structure where the the natural order of the economic/social system is skewed to insure specific corporations, banks and ruling class gain absurd amounts of protection, money, power and interest while the regular participants are forced to play by the text book definition (i.e. without the subsidies..)
AmCap = How quickly can we give the future away to China.
American capitalism since Ronald Reagan has been< "What ever makes money faster and quicker goes" -- and "government get out of the way." If the end result is massive growth in China, 100 million Chinese rising to middle class while we decline, that's OK. "How quickly can we give the future away to China."
Definition of Capitalism:
A system allowing bankers to create high risk investment opportunities (while giving themselves huge bonuses) that drain the retirement funds of millions of people. Then when they have destroyed the banking economy when the risky investments collapse, they are given trillions of dollars since they are "Too big to fail." This allows them to continue giving themselves huge bonuses without missing a best.
Ain't Capitalism Grand?
Allocating risks and rewards based on the market....
Except that is EMPHATICALLY NOT the economic system of the United States, as the events of the past 2 years (and the past 150 years) prove conclusively.
Fallows's definition is probably what professional economic liar Mankiw at Harvard would offer.
It is simply false.
Here's a real definition: American capitalism is a system of redistribution of wealth from the general population to the wealthiest ostensibly on the basis of market forces but in practice on the basis of formal and informal rules put in place by government and multi-billion dollar corporations. American capitalism is best characterized by the socialization of risk and the privatization of profit in the service of an oligarchy.
It's people with money (aka bankers and doctors) begging the politicians to give them more money, cause we the people will not survive without them.
The politician agree with them with a slight adjustment on the interpertation. " we the politician " intstead of we the people.
Sure, rushing headlong without thinking things through is a great way to conduct matters of critical national and international concern, particularly when American lives are at stake.
We must always do things quickly, poor choice or not, just so the U.S. looks decisive. Where are the real "deciders" when we need them?
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