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Politics : Politics for Pros- moderated
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To: LindyBill who started this subject2/9/2004 2:15:15 AM
From: LindyBill  Read Replies (1) of 793759
 
Volokh does a book review of Easterbrooks latest, "The Progress Paradox, How Life Gets Better While People Feel Worse." and includes this observation.

Easterbrook makes a distinction between capitalism and market economies that might catch on:

"A reason Western economies keep performing better may be that capitalism has been supplanted by market economies. Capitalism, as a system, served only those possessing capital; for the typical person, all benefits were trickle-down. Market economics, on the other hand, mainly serves the typical person, as the free exchange of goods and information endlessly pressures corporations to reduce prices and improve quality."

I am more inclined to say that what we have now is capitalism in a post-industrial society, which is better for the average person than capitalism during the industrial transition. Still, given the negative connotations of "capitalism" for many, the switch could serve a function
volokh.com
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