Bubble Capitalism
The Nation Editorial | August 19, 2002
Economic liberalism prevailed from the New Deal forward but broke down in the late 1960s when it was unable to resolve doctrinal failures including an inability to confront persistent inflation. Now market orthodoxy is coming apart as a result of its own distinctive failures. It can neither explain the economic disorders before us nor remedy them because, in fact, its doctrine of reckless laissez-faire produced them. The bursting bubbles are not accidents or the work of a few larceny-prone executives. They are the consequence of everything the conservative ascendancy sought to achieve--the savagery and injustice of unregulated markets, the blind willfulness of unaccountable corporations.
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