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To: pltodms who wrote (34629)	7/27/2010 5:05:29 AM
From: axial	Respond to of 46821

Plato, great that you found the piece as pivotal as I did. The central point seems to have eluded many, which is perhaps understandable given some circularity. Attaching a forward-looking value to everything essentially means creating a system that can predict its own demise through quantification. It doesn't matter that capitalization provides an imperfect predictor; in the aggregate its success far exceeds it failings. When capitalization fails, what will be the societal response? Not communism, we hope. A more caring form of government tending to centrist economics? Social democracy? Because as you and the author note, "... unlike in nature, the rules of society are autonomous. They are created not by an external logic, but by society itself. And that autonomy implies that the collapse of society and the disintegration of its rules, by definition, are one and the same." Throughout history, elites have mistakenly believed they could perpetually maintain power, wealth and privilege at the expense of lower classes. The irony of capitalism and concurrent political thought is that for the first time, power and wealth were democratized. That's something ordinary people will never forget. In the meantime we're still entering an era of significant change. Though crude at $147 was a flag, capitalization has not yet signaled its own demise. Jim