Will Obama Reboot Capitalism Anew?

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Another great little piece by Thom:


Will Obama Reboot Capitalism Anew?
by Thom Hartmann

Over six million people are now out of work, and unemployment figures released today show that now-record number is continuing to climb. Meanwhile, still-profitable American corporations manufacture goods for American consumption using Chinese labor and pay virtually no income tax by keeping their profits offshore.

A hundred years ago, Republican President Theodore Roosevelt tried to reign in some of the most toxic behaviors of capitalists that he found incompatible with modern democracy by pushing through congress a law that banned the practice of corporations giving money to politicians. He slowed down the robber barons a bit, but three consecutive Republican presidents in the 1920s led us straight into the Republican Great Depression.

Franklin Roosevelt, his distant cousin, rebooted capitalism in the 1930s, ushering in an era of regulated capitalism - embraced by Republicans like Eisenhower and Democrats like JFK - that brought us the largest, strongest, and most stable middle class ever seen. We also became the world's economic superpower, as the world's largest importer of raw materials, exporter of finished goods, and banker to the world. We imported iron ore and exported televisions and cars and washing machines. The rest of the world was in debt to us. A worker with a high school diploma could find a job that paid enough to raise a family and have a safe and comfortable retirement.

The Reagan Revolution of the 1980s was the third "rebooting" of capitalism in the 20th Century, and continues to this day. Scorning the "regulated" part of "regulated capitalism," economic Reaganites from the Gipper himself to GHW Bush to Bill Clinton to GW Bush flipped our economy upside down. Today, after just thirty years of "free trade" and "right to work" and other oxymoronic nostrums applied as policy, we've become the world's largest importer of finished goods and the world's largest debtor. We now export minerals to Asia, and import back from them televisions, cars, and washing machines.

So now the big question: Will Obama reboot capitalism anew? Will he move us into a new realm of capitalism, back toward regulated capitalism, or continue the slide toward a poverty-ridden Dickensian economy that Reagan started?

MORE:
http://www.commondreams.org/view/2009/04/23-4

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