Re: [Pen-l] The Final Question

["Max Sawicky" <maxbsawicky@xxxxxxxxx>]

You'd have to look for a while to find an economist who would say
capitalism will be no more.

Including on this list.


On Wed, Jan 14, 2009 at 12:09 PM, Louis Proyect <lnp3@xxxxxxxxx> wrote:
>
> From January 12, 2009 "Meet the Press":
>
> David Gregory: Let me ask a final question here in a conversation that will
> certainly go on. Mark Zandi, on the other end of all this, what's the future
> of capitalism?
>
> Mark Zandi: Oh, capitalism's going to be fine. I mean, we've got a crisis of
> capitalism. We made a lot of mistakes as capitalists. And that's why we have
> a government, and that's why government has to be bold and step in the
> breach, and that's what they're doing. And on the other side of this,
> government will figure out a way to step out gracefully.
>
> Paul Gigot: Well, I think capitalism will survive, but I think a good
> question now at this particular juncture is what kind of capitalism? Are we
> moving to a European brand; a, a much larger welfare state, a much larger
> entitlement state with slower growth, higher long-term unemployment? Or are
> we going to stick with what has been for the last 30 years, more or less, a
> relatively successful model? We've had this blowup. If we don't make
> mistakes, we can get through this.
>
> How remarkable for the most prestigious and longest running (61 years)
> television show to raise the question of the future of capitalism. Moreover,
> it is a sign of the times that there is a direct reference to the system
> itself rather than the usual euphemisms (free market economy, private
> enterprise, etc.) That is obviously a function of the severity of the
> crisis. In times like this it is difficult to be taken seriously when you
> use bland language to describe a condition that is anything but bland.
>
> Since the role of "Meet the Press" is to maintain the ideological hegemony
> of the ruling class cutting across party lines, it is no surprise that they
> would call upon the likes of Zandi and Gigot to reassure their audience.
>
> full: http://louisproyect.wordpress.com/2009/01/14/the-final-question/
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