Comments | dryad73: The Myth of Laissez Faire

dryad73

The Myth of Laissez Faire

Oct 28, 2008 09:15

I forgot to post this last week. I thought it was a really interesting article. The premise of the article is basically that we do not live under a Laissez Faire system of capitalism so it is ridiculous for everyone (from the media to leaders of Germany and France) to be blaming it for our current economic crisis ( Read more... )

Comments 8

roofless October 28 2008, 15:57:43 UTC

Greenspan says flaw in market system
http://www.bloomberg.com/apps/news?pid=20601087&sid=a_IH5AnCyOm4&refer=home

My simplistic take on it is that within the 40 years that the system "worked", two new generations have come to be. Each new generation being less moral then the previous. Insert greed, etc. and look where we are.

Ties in nicely with the declining society theory.

dryad73 October 28 2008, 21:19:59 UTC

"Greenspan says flaw in market system"

Of course he's back pedaling now. He's the one responsible for approving risky financial instruments, namely the mortgage backed securities, that are such a problem now. It's not as if no one saw problems with them to begin with. I think Coy posted an article written a few years ago that seems prescient now considering the current circumstances.

"Each new generation being less moral then the previous. Insert greed, etc. and look where we are."

I think history refutes this. I posted an article discussing how this situation is very similar to what happened in 1873 and of course we also have the great depression to look at. But when do we ever learn from history? But hey, I know how you prefer simplistic views and tie in's with theories. Makes it all seem so clean and tidy ;)

roofless October 28 2008, 21:38:43 UTC

I think history refutes this. I posted an article discussing how this situation is very similar to what happened in 1873

I highly doubt that. We hadn't even declared independence then. OOOOHHH!!!! BUSTED!

Simple views are clean & tidy, and are often - for the most part - accurate. Studies have shown this to be the case 85% of the time.

dryad73 October 29 2008, 13:27:39 UTC

"I highly doubt that. We hadn't even declared independence then. OOOOHHH!!!! BUSTED!"

Um, it was in 1776, so that means we declared independence 97 years before the panic of 1873.

Now who's busted?

Thread 6

j_koch October 28 2008, 18:37:40 UTC

that's too long of an article for a business hour read, but I made it down to the first numbered item ( ... )

dryad73 October 28 2008, 21:04:12 UTC

Yes, Rockwell is by far libertarian. They are generally very pro free market capitalism based in Austrian economics not Keynesian.

And I don't think the definition of laissez-faire changes based on technological advances. It is more to do with government interference or non interference in the free market.

Yes, definitely a long read for work. Better to print and set beside the toilet ;)