Arnold Kling  

For Business, Against Capitalism

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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



COMMENTS (4 to date)
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.

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".

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.

Max writes:

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