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Politics : American Presidential Politics and foreign affairs -- Ignore unavailable to you. Want to Upgrade?

To: TimF who wrote (37241)	9/21/2009 7:20:28 AM
From: DuckTapeSunroof	1 Recommendation Respond to of 71588

(Note that this is really not an 'indictment' of Capitalism... to merely observe the broad historical tendencies, over decades-long periods, for Capitalist systems to oscillate between post-crisis risk-averse periods and pre-crisis risk-accepting periods with such things as "PONZI borrowers" proliferating....) For example: I believe that it is perfectly fair to point out that national economies built on broadly Capitalistic lines periodically suffer from crisis and collapses (while still succeeding in the main over longer swaths of history at advancing and maximizing economic development, and providing more economic goods....) While competing economic models (such as Communist) fail IN THE MAIN (as opposed to merely "periodically" <g>) over those same longer swaths of history. Being STAGNANT is a recipe for, (of course!), more stability in the short-run... but a greater certainty of under-performance and failure and ultimately collapse in the long-run. While Capitalism's periodic "Minsky Moments" and the episodic nature of following panics is still entirely consistent with a greater degree of long-term societal and economic success... and entirely consistent with Austrian economist Joseph Schumpeter's observation about Capitalism’s ceaseless process of “creative destruction.” (It's just that --- periodically --- the magnitude of the corrections can become excessively LARGE, as credit excesses built up over multi-decade to century-long periods gets suddenly purged from the system....) Message 25958485