by One thing this crisis is demonstrating is that in modern capitalism it is workers and small businesses that bear risk to a greater extent that does larger capital... Defenders of "capitalism" will argue that the present system in not really capitalism since presently governments privilege capital and in a genuine liberal economics as the basis of ,capitalism, this would not be allowed.The retort is that, while this may be true theoretically (which is arguable, but that is beyond the scope of this comment), it is hard to argue that the present system is not a form of capitalism when the means of production are privately owned.There are many forms of capitalism and they manifest historically and geographically.While neoliberalism may be a distortion of the ideal of economic liberalism, it
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One thing this crisis is demonstrating is that in modern capitalism it is workers and small businesses that bear risk to a greater extent that does larger capital...Defenders of "capitalism" will argue that the present system in not really capitalism since presently governments privilege capital and in a genuine liberal economics as the basis of ,capitalism, this would not be allowed.
The retort is that, while this may be true theoretically (which is arguable, but that is beyond the scope of this comment), it is hard to argue that the present system is not a form of capitalism when the means of production are privately owned.
There are many forms of capitalism and they manifest historically and geographically.
While neoliberalism may be a distortion of the ideal of economic liberalism, it is the present form of capitalism in most of the West and where the West can impose it.
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Chris Dillow | Investors Chronicle