Receeding Capitalism

Posted by on December 1st, 2008 at 03:05pm

program.cgwebstudio.com :: wrote an interesting post today on
Here’s a quick excerpt
The series of unfortunate events in banking, spreading to manufacturing, to job losses had to reach governments too. Governments, like the brave kings of yore have ridden in to the rescue. They have bought up banks, guaranteed deposits, secured pensions. Do not worry, your money is safe with us. (To discuss whether these governments are safe would border on political, which I declare out of the scope of this space).
For years it is these very governments that have prided themselves on being the vanguard of capitalism. Through the IMF they have declared large public sectors evil. They have made privatisation a condition of more funding in many emerging markets. Conditions there were similar - high debt, high public sector deficit, high trade gaps and high levels of unemployment.  Then, these conditions were chronic, and the solution was to shrink the size of the government. Now, it is ironic, that the […]

Read the rest of this great post here

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