[americandream]

This article was posted in the news section. It's fascinating to say the least, as Nouriel touches on the cultural nature of capitalism (it's Anglo-Saxon heart) as opposed to the mercantilism of countries such as Germany (which shares a common ethnic root with England yet remains largely marginal within the economy of the Englishman). I note he suggests a perenially Keynesian answer to the problem which suggests that he didn't quite get to grips with Marx's other critique of capitalism.....it's necessity within the broader and developing profit profile of the various nations, fully integrated and yet to be integrated.

http://english.aljazeera.net/indepth/op ... 11574.html

[Cog]

I like my capitalism just the way it is. Warts and all. I'll leave it to the Marxists to try to keep reinventing themselves. Maybe they will finally get it right.

[Sixstrings]

There's another option, Cog -- Mercantilism.

Anglo capitalism is the economics of Empire. First the Britannic Empire, then American Empire post WWII. If the American imperial system (IMF, World Bank, worldwide dollar dominance) falls then we'll have to find something else. The Germans seem to do well with mercantilism (they're more interested in making quality goods than dominating the world with high finance and fiat games).

[eastbay]

I like my capitalism just the way it is. Warts and all. I'll leave it to the Marxists to try to keep reinventing themselves. Maybe they will finally get it right.

Except there's one problem ... it needs to be continually fed by an expanding economy. Without that it falls apart in a harsh manner. You'll see what I mean soon enough.

In general terms, the wealthy will remain wealthy, and the poor will riot.

[Cog]

Wealthy people have been around a very long time regardless of the economic system.

But in the larger scheme of things. Regardless of whatever economic system you would desire, they all get trumped by peak oil.

[americandream]

There's another option, Cog -- Mercantilism.

Anglo capitalism is the economics of Empire. First the Britannic Empire, then American Empire post WWII. If the American imperial system (IMF, World Bank, worldwide dollar dominance) falls then we'll have to find something else. The Germans seem to do well with mercantilism (they're more interested in making quality goods than dominating the world with high finance and fiat games).

There is an umbilical cord from Berlin to London. In one direction flows one mercantilist dollar, back comes 10 capitalised ones. Berlin will eventually fall to the English legal system, as will the rest of the world.

[americandream]

I like my capitalism just the way it is. Warts and all. I'll leave it to the Marxists to try to keep reinventing themselves. Maybe they will finally get it right.

It never stands still. It constantly changes. Nor does it have warts. It has tendencies as do we. These tendencies eventually lead to particular outcomes.

[americandream]

Wealthy people have been around a very long time regardless of the economic system.

But in the larger scheme of things. Regardless of whatever economic system you would desire, they all get trumped by peak oil.

And thus ends capitalism..to be replaced by something else. In a world almost strip mined of its resources, I suspect it wont involve selling ever changing lines of safety pins.