Tuesday, November 24, 2009

Goldman's Moral Pathology

http://www.marketwatch.com/story/15-signs-wall-street-pathology-is-spreading-2009-11-24?siteid=rss&rss=1

I find it interesting to read the arguments made by capitalists against contemporary capitalism. Many "entrepreneurial" capitalists strongly dislike the type of "crony" capitalism they see operating.

Naomi Klein describes this contemporary crony capitalism as authoritarianism capitalism and observes that the distinctions between Chinese capitalism and U.S. capitalism are slowly dissipating.

Galbraith describes this contemporary capitalism as "predatory capitalism." In his account, corporate interests loot the state and subordinate the state to corporate interests.

Each of these accounts describe a system that is authoritarian, exploitative, and corrupt. Goldman Sachs's relationship with the US illustrates these characteristics.

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