For Business, Against Capitalism

Arnold Kling

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Derek Thompson writes,

I get the distinct sense from the transcript that [President Obama is] a bit miffed by the accusations that he's anti-business. He emphasizes (possibly even exaggerates) the "great political expense" with which he bailed out the banks.

Bailing out the banks may be pro-business. However, it is anti-capitalist. In a capitalist system, it is as important that businesses be allowed to fail as it is for them to be allowed to succeed.

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CATEGORIES: Political Economy

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Latest Comment

david writes:

And it is exactly distinctions like these - and the expectation that the body politic will understand or even care about such distinctions - that ensure that political libertarianism remains a dead end, perpetually pushed around by pro- and anti- business anti-capitalists.

Posted July 31, 2009 9:00 AM

Grant Gould writes:

This -- running the state for the benefit of folks who have the capital -- is exactly what most people mean by capitalism. It's past time for free marketers to give up on the world "capitalism".

Posted July 31, 2009 3:41 PM

Babinich writes:

Arnold,

AIG going under would be a bad thing. I'd think we'd agree that keeping AIG afloat in much the same manner of LTCM would be the way to go.

Posted July 31, 2009 9:29 PM

Max writes:

[Comment removed for supplying false email address. Email the webmaster@econlib.org to request restoring this comment. A valid email address is required to post comments on EconLog.--Econlib Ed.]

Posted August 4, 2009 4:28 AM

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