Of course you know that not everything on the web is accurate, but what if you find thousands of hits for a quotation, including citations in Wikiquote, the Washington Post, and the Howard Law Journal (which, in its Vol 48 Issue 1 Fall 2004 issue, blithely quoted the Washington Post article referenced at the end of this post)?
“Capitalism is the extraordinary belief that the nastiest of men for the nastiest of motives will somehow work for the benefit of all.”
You can find this statement, attributed to economist John Maynard Keynes all over the web. It also appears, somewhat more frequently, in this form:
“Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone.“
In no case, (even in Moving Forward, a book about capitalism) is the quotation accompanied by a citation Continue reading “John Maynard Keynes: Capitalism and the “Nastiest/Wickedest of Men””
In his 1905 book, The Protestant Ethic and the Spirit of Capitalism, German economist and sociologist Max Weber theorized that capitalism’s ascendancy owed much to Protestantism’s emphasis on hard work and worldly success. Whether or not Weber was actually right, the term he coined, “Protestant ethic,” has, to many, become accepted as part of our shared American definition.
Continue reading “The Babson Boulders of Dogtown”
AIG is saved once, and then resuscitated again, because it is judged “too big to fail.” Billions are pumped into General Motors because it also is “too big to fail.”
I say step back and look at what “too big to fail” should have suggested long before the current financial cliff edge was reached: If it is too big to fail, it is too big to exist.
Capitalism rewards successful innovation and efficiency; saving what has rotted is antithetical. I realize, of course, that by the time AIG was infused, Continue reading “Too Big to Fail? Or Too Big to Exist?”