Saturday, July 31, 2010

A Great Quote from a Comtemporary Patron Saint of Capitalism

from VoltaireNet and Current Concerns, an excerpt from the preface to the book, Free Fall, by Joseph Stiglitz: 
The current crisis has uncovered fundamental flaws in the capitalist system, or at
least the peculiar version of capitalism that emerged in the latter part of the twentieth
century in the United States (sometimes called American-style capitalism). It is not
just a matter of flawed individuals or specific mistakes, nor is it a matter of fixing a few minor problems or tweaking a few policies.
But, not to worry all you capitalism loving people out there, he is not arguing for a change of system. He concludes the preface with the following:
But in the aftermath of the Great Depression, we did succeed in creating a regulatory
structure that served us well for a half century, promoting growth and stability. This
book is written in the hope that we can do so again.
It sounds like "tweaking" to me.