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Will Capitalism Survivie? Should It?

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THE DEATH OF KEYNESIANISM
DailyFeed
"Just as the Great Recession has demonstrated the limits of the means set in place during the last 40 years to contain capitalism's tendency to periodic disaster," writes Paul Mattick, "it suggests the need finally to take seriously the idea, as the saying goes, that another world is possible."

You must have a view on this piece already, do you not? After all, despite the claim that we are trained by our purportedly left-leaning colleges to embrace collectivism, the knee jerk move to embrace capitalism -- no matter the cost -- is the result of a much deeper training, an ideological dogmatism that at various periods throughout this nation's history has resulted in those who even dare discuss its alternative to being barred from employment, possibly even tried as traitors and/or deported. Corporate Capitalism: If ye ain't fer us, ye's agin us.

Paul Mattick, chair of the department of philosophy at Adelphi University, wonders if the grand experiment of Keynesian capitalism -- the grand experiment as practiced here in the U.S. -- is really worth the apparent cost.
"When the collapse of the great American mortgage bubble in 2007 set off a global crisis, national governments found themselves caught between the need to keep the system functioning by pouring money into financial firms "too big to fail," supporting local governments, and "stimulating" the private economy; and the imperative to limit the growth of state debt before it reached the point of large-scale default. The United States had a government debt of $16-billion in 1930; today it is $14-trillion and climbing. The federal debt had already reached 37.9 percent of GDP by 1970; it was at 63.9 percent in 2004, when the International Monetary Fund warned that the combination of America's budget deficit and its ballooning trade imbalance threatened "the financial stability of the global economy." The worldwide calls of businessmen and politicians for cuts in public spending, however exaggerated by neoliberal ideology, represent recognition of a post-30s novelty: the fact that the Keynesian card has largely been played."
POSITION:  No positions in stocks mentioned.

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