Viewpoint: Reconstruct capitalism

1 12 2011

My letter to the Michigan Daily regarding the College Libertarian’s upcoming event, “The Morality of Capitalism: Where Capitalism Went Wrong” was published today.

An excerpt:

As we struggle to undo the lingering damage of the 2008 financial crisis, it isn’t difficult to understand why hundreds of thousands of people have taken their grievances to the streets. Something is clearly wrong with a system that rewards individual recklessness with bailouts while sticking those least able to pay with the bill.

But the problem is not capitalism itself. Rather, it is capitalism’s bastardized form — often called cronyism, state capitalism or corporatism — that is responsible for so many ills attributed to the free market. Left to their own devices, individuals acting in the free market work together to provide the goods and services that improve the lives of all, whether rich or poor. Yet the market mechanism, when corrupted, quickly and inevitably becomes a facilitator of unbridled greed.

You can check out the rest here.

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