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Politics : Mainstream Politics and Economics -- Ignore unavailable to you. Want to Upgrade?

To: Jorj X Mckie who wrote (20364)	7/23/2012 10:30:38 AM
From: Wharf Rat	Read Replies (3) \| Respond to of 85487

"But it moves faster toward perfection than anything else...."Crap "especially government intervention." and more crap ]The One Capitalism That Dare Not Speak Its Name By Pankaj MishraJul 22, 2012 3:30 PM PT On Dec. 26, 1992, a year after the Soviet Union imploded and lurched to embrace American-style capitalism, the Economist editorialized about a “universal agreement that there was no serious alternative to free-market capitalism as the way to organize economic life.” Since its origins in mid-19th century Britain, the Economist has been the main propaganda organ for the neoclassical ideology of the free market (minimal government, invisible hand, etc.). It is the job of all ideologues to make their own preferred political and economic system seem natural and perfect. Still, someone in that 1992 editorial meeting ought to have said, “Not so fast.” In a special report on state capitalism last January, the Economist admitted that “the era of free-market triumphalism has come to a juddering halt.” Liberal capitalism in the U.K. and the U.S. isn’t just convulsed with internal crises caused by unregulated financiers. It now faced “a potent alternative”:state capitalism, which has on its side one of the world’s biggest economies -- China -- and some of its most powerful companies --Russia’s Gazprom OAO, China Mobile Ltd. (CHL), DP World Ltd., and Emirates Airline. Stunning Reversal “Across much of the developing world,” Bloomberg Businessweek recently reported, “state capitalism -- in which the state either owns companies or plays a major role in supporting or directing them -- is replacing the free market.”From 2004 through 2009, the article points out, “120 state-owned companies made their debut on the Forbes list of the world’s largest corporations, while 250 private companies fell off it.” bloomberg.com