RE: A slight advantage of poverty

["Eric Nilsson" <enilsson@xxxxxxxxx>]

Brad wrote:

By contrast, I view it differently. I see the economic mechanisms as
very relevant. Modern capitalism has established and impersonal laws
of motion that governments need to take into account in planning
their policies, and that failure to do so--whether by Reagan, Garcia,
or Alfonsin--can easily lead to economic and often political
disaster. Where they tend to view governments as honorable fighters
that are defeated by a ruthless and clever adversary, I see the
governments in question as fools that fail to subtract predicted
spending from predicted revenues, or fail to forecast the velocity of
money.

+++++++++++

A book by a leftist appeared in the 1980s, I think, making this exact same
point: that progressive governments often think that the laws of capitalism
have been repealed because they are in power. As a result, these governments
often act in a way that leads to high inflation and other destabilizing
things. They do themselves in as a result. I think the examples given came
from South America.

But, for the life of me, I can't remember the name of the book or the author
(except that is was by a women, I think).

Eric