More rumination on capitalism

Go to book review of "Capitalism and its Critics"

Another review on the book

Excerpt (from first link) : "Capitalism’s critics are almost always predisposed toward a stronger state: It is the corollary of the policies they favor, and they, of course, believe they will be in charge. But when state economic intervention goes above a certain level—as, for example, some environmentalists would maintain is needed to save the planet—how compatible is that with liberal democracy? This is not a question that would worry some of those profiled by Mr. Cassidy, who were drawn to authoritarianism by politics, personality or both. 

Much of the later part of “Capitalism and Its Critics” is effectively a red(dish)-green(ish) critique of the effects of neoliberalism—specifically deregulation, growth and globalization—and includes an upbeat account of the left’s intellectually dubious exploitation of the 2008-09 financial crisis. At the same time, we have seen a reaction against globalization in portions of the American right—another example of the horseshoe principle, it seems.

Capitalism’s greatest challenge may come from elsewhere, however:

Mr. Cassidy’s earlier chapters on the Industrial Revolution offer a grim warning that enormous advances in automation are not as easily accommodated within the existing workforce as happy legend suggests.

Yet that is what lies ahead."