Tuesday, October 14, 2008

The only hope lies in state intervention

With globalization and the “liberation” of markets, the whole world is tangled up in a knot. The only hope for the restoration of some order and balance lies in state intervention. It is too early to say whether we are seeing the end of unregulated capitalism or the establishment of a new type of “socialism.” But at this moment, states are like rocks in a sea of panicked markets and bankrupt companies and ideas. Whatever new economic system results from this will have to combine state control with the functionality of the private sector, so that we can avoid the extremes of each.
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