This piece was reprinted by OpEd News with permission or license. It may not be reproduced in any form without permission or license from the source.
(6) "So in America, the light unto the world, American citizens are thrown out of their homes," so banks can "bulldoze" them, leaving them homeless like in third world countries.
Notably, the multi-trillions of dollars America spends waging wars, bailing out banks, and enriching other corporate favorites could have been used productively for economic growth, more employment, higher wages, decent benefits, shoring up education, providing other essential services, and making the nation a model for others.
Instead, policy makers destroyed the America that was by policies guaranteed to fail. It's only a matter of when the chickens come home to roost. Rest assured they will, hurting ordinary people hardest.
A Final Comment
In his book titled, "Capitalism, Socialism and Democracy," economist Joseph Schumpeter (1883 - 1950) coined the term "creative destruction" to denote "a process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one."
He defined capitalism as an evolutionary process "brought about by innovation," what he called "Economic Evolution." From it, he believed progress results, living standards rise, and improved technologies create new industries and developments over time. "There is no reason to expect slackening of the rate of output through exhaustion of technological possibilities," he said.
As a result, "(c)apitalism's greatest accomplishment is that it progressively raises the living standards of the masses. Nobody ever got rich selling just to the rich. (Prosperity depends on) mak(ing) your product affordable to the masses....raising the general welfare."
Schumpeter called intellectuals capitalism's greatest enemy. His "paradoxical conclusion" was that it was being killed by its achievements, that it "inevitably educates and subsidizes a vested interest in social unrest."
Next Page 1 | 2 | 3 | 4 | 5 | 6
(Note: You can view every article as one long page if you sign up as an Advocate Member, or higher).
2
2
1
