There has been abundant criticisms from liberals about economic policies that have driven the economy into its present dysfunctional condition, but they still haven't given up hope that it can be reformed into a functioning system.
The blogger on Washington's Blog argues for a reduction in the profits taken by finance capitalists in today's economy. He writes:
When the crisis really hits, both workers and capitalists suffer as bank income goes through the roof—leading to a Depression. The only way out of this is to abolish large slabs of the debt, and coincidentally to drive bankers share of income back down to levels that reflect is supportive role as a provider of working capital for firms—rather than a parasitic role as the financier of Ponzi schemes.Meanwhile Bill Mitchell of Billy Blog proposes a government commitment to provide guaranteed full employment to handle the devastating effects on workers created by the bust phase in the boom and bust cycle that has been the history of capitalism.
Then there are all the libertarians who just want to turn back the clock on the huge growth of monopoly financial capitalism and return to the days of yesteryear when small businesses could prosper.
These are all pipe dreams of people who, while being trained in schools of higher education for high paying middle class jobs that have served capitalists so well, were also indoctrinated with all the myths about the virtues of this system. They are now increasingly feeling threatened by out-of-control corporate behemoths led by financial capitalists and are desperately searching for solutions--no matter how unrealistic.
I, and many others, would argue that the system itself is flawed, that it never benefited working people who have had to sacrifice jobs, their families well-being, and their very lives in their fight to secure a modicum of gains such as eight hour work days, Workers Compensation, Social Security, etc.
The system of capitalism took over where feudalism and slavery left off by securing the wealth produced by working people codified by the laws of property that the new class of capitalists instituted. Since then the latter class has driven working people to produce all the technology and advancements that they control, and have profited from, into the kind of economy and world we have today. We are now faced with huge areas of poverty amidst tiny islands of wealth, climate change that appears to be already out of control, and exhaustion of resources.
There is only one catch. The system must have growth to continue. It is very much like a cancer that attacks a body. The cancer starts out small and is little noticed. Soon it starts to destroy surrounding cells by robbing them of nutrients in order to feed itself. It continues to grow until it becomes so large that it threatens the life of the body. It reaches a point that it can't grow anymore without killing the body. That is where we are today. We need a new system!
