By Owen Paine on Wednesday July 1, 2009 11:18 AM
Vanity Fair features Cousin It Stiglitz -- the thinking econ-con 's choice for prince of lightness. His brilliant punchthrough:
"There used to be a sense of shared values between America and the American-educated elites around the world. The economic crisis has now undermined the credibility of those elites. We have given critics who opposed America’s licentious form of capitalism ample ammunition to preach a broader anti-market philosophy. --. Many countries may conclude not simply that unfettered capitalism, American-style, has failed but that the very concept of a market economy has failed, and is indeed unworkable under any circumstances. Old-style Communism won’t be back, but a variety of forms of excessive market intervention will return."Next, the bleat of tragic prophecy:
" -- And these will fail. The poor suffered under market fundamentalism—we had trickle-up economics, not trickle-down economics. But the poor will suffer again under these new regimes, which will not deliver growth. Without growth there cannot be sustainable poverty reduction. There has been no successful economy that has not relied heavily on markets. Poverty feeds disaffection. The inevitable downturns, hard to manage in any case, but especially so by governments brought to power on the basis of rage against American-style capitalism, will lead to more poverty. The consequences for global stability and American security are obvious."What wolfish ghosts this wooly prince doth spy upon the ramparts!
Comments (6)
To which an entirely suitable response is the reply of Dutch, the convict in Lenny Bruce's monologue "Father Flotsky's Triumph":
"Yadda yadda yadda! Yadda de yadda yadda!
I ain't listening to nobody, nobody in this
whole stinkin' prison, warden! Yadda yadda!"
Posted by Michael Hureaux | July 1, 2009 11:51 AM
Posted on July 1, 2009 11:51
Well, professor, what third way are you recommending -- non-licentious capitalism, capitalism regulated by a benign government acting in the public's interest?
Posted by hce | July 1, 2009 3:20 PM
Posted on July 1, 2009 15:20
i think to smoothie the global economy we should build on some island to be named later, a blender of last resort.
do it quick though while there's still ice.
Posted by hapa | July 1, 2009 6:38 PM
Posted on July 1, 2009 18:38
september 2008:
the ghost of gosplan
spotted rising from its shattered neoliberal
containment capsule
moloch be praised
there is no final resting place
let the hu cap sacrifices resume
ya ha ha ha heee
Posted by op | July 1, 2009 9:45 PM
Posted on July 1, 2009 21:45
Wow. Wish I could say I'm surprised. But wow.
Posted by Michael Dawson | July 2, 2009 1:22 PM
Posted on July 2, 2009 13:22
Well, why didn't he stop them (his fellow powers that were) then? Now what?
Three cheers for "sustainable poverty reduction." Is that something like a beer and shot? Do you think Nancy Reagan, profiled on the following Vanity Fair page, has some good ideas on how we can achieve "sustainable poverty reduction" that falls just short of the ultimate way - death?
Posted by mjosef | July 2, 2009 8:12 PM
Posted on July 2, 2009 20:12