Eugene Robinson - Reexamining the myth of no-fault capitalism

[kpete]

“To the horror of radical free-market ideologues, the myth of no-fault capitalism is under scrutiny,” Robinson writes, adding:

Eugene Robinson
Opinion Writer
Reexamining the myth of no-fault capitalism

...look at the results being produced by the radically deregulated, no-fault capitalism that has been practiced in this country since the Reagan revolution.

Overall, we’ve had tremendous growth and low inflation. But we’ve also seen rising inequality and falling mobility. Middle-class incomes have stagnated, upper-class incomes have skyrocketed, and rags-to-riches stories are now less likely than in most of the “European social democracies” Romney holds in such disdain.

We have failed to keep pace with other industrialized societies in public education, and rather than offer relevant retraining to employees displaced by innovation and globalization, we leave them to their own devices. As a result, we’re starting to lose not just basic manufacturing jobs but also high-value-added, knowledge-based jobs to countries where workers are more qualified.

Government has played a huge role in guiding the nation through previous economic upheavals — after World War II with the GI Bill, for example. It can and should play such a role now.

more:
http://www.washingtonpost.com/opinions/reexamining-the-myth-of-no-fault-capitalism/2012/01/16/gIQAvKO13P_story.html
via:
http://www.washingtonpost.com/blogs/plum-line

[Hoyt]

1. I hope a lot of people read Robinson's article. Thanks for posting. n/t

[Uncle Joe]

2. Kicked and recommended.

"But to the horror of radical free-market ideologues, the myth of no-fault capitalism is under scrutiny. No one is arguing against markets, which are indeed the best way to create wealth and thus the best weapon against poverty. No one is arguing that investors who risk their capital in a company should not be able to reap rewards. What the ideologues ignore, however, is that workers also have “capital” at risk — in the form of mind and muscle, creativity, loyalty, years of service. Why is this investment so casually dismissed?"

http://www.washingtonpost.com/opinions/reexamining-the-myth-of-no-fault-capitalism/2012/01/16/gIQAvKO13P_story.html

Thanks for the thread, kpete.

[cbrer]

3. Excellent Article

I was hoping that the issue of short circuiting the capitalist process with bail outs would be discussed. But that would be a lot of meat in one meal.