Matthew Rothschild: Fareed Zakaria’s Capitalist Apologia

[marmar]

from The Progressive:



Zakaria’s Capitalist Apologia
By Matthew Rothschild, June 17, 2009


Fareed Zakaria takes to the cover of Newsweek this week to pass out his “Capitalist Manifesto.”

It’s not exactly stirring reading, unlike that other manifesto.

Few apologias are.

And that’s what this one is for the current crisis of capitalism: a big blanket of “Oh, it’s not so bad.”

Says Zakaria: “A few years from now, strange as it may sound, we might all find that we are hungry for more capitalism, not less.”

Here’s his argument.

First, he says, “When countries need growth, they turn to markets.” But not when the markets have capitulated, as they have now, and as they did in the 1930. In such circumstances, it’s much more prudent to turn to government for growth.

Then he piles on some “ifs” to arrive at the “then” that he prefers.

Hold on while I quote him: .............(more)

The complete piece is at: http://www.progressive.org/wx061709.html

[PM Martin]

1. Most "pundits" socialize with the wealthiest and most powerful

members of society. It should come as no shock that they will apologize for the excesses of unregulated markets.

[Joe the Liberal]

2. No surprise here. n/t