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May 6th, 2011, 20:28
Originally Posted by elikal View Post
Indeed. What people don't get is that there is good and bad capitalism. The good old fashioned one was based on production, innovation and creativity. Today more and more it is about speculation, money making money and the products are just by-products of profit.
I wouldn't consider what we have today to be a form of capitalism at all. Contrary to public perception, the United States is an advanced mixed economy subjected to significant government intervention in almost every field. This makes production, innovation and creativity increasingly difficult and less rewarding than politically-connected rent-seeking. So we see less of the former and more of the latter. Mix in the aforementioned short-term perspective and it's a recipe for disaster.

I give it another ten years at the outside before the whole thing collapses under the accumulated weight of its own inconsistencies.
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