Never forget, the financial crisis which we are suffering through is not the creation of capitalism. It is not the creation of a free market. It isn’t because businessmen were too free in their dealings that everything fell apart the way it did.
The financial crisis was and is a failure of central planning.
Casey comes from the Objectivist school and so there may be some nuanced philosophical issues with which I would take issue with him. However, this interview is an interesting and uncompromising examination of why capitalism, real capitalism, with free markets and free prices, is so much better than the top down central planning most of the world (pretty much all of the world) lives under now.
As I was running in the gym this evening I had my choice of six channels on the TVs mounted to the ceiling. The one directly in front of me was tuned to MSNBC, and they were covering the President’s inauguration with glowing praise.
There were the crowds, and the Obama family, and Beyonce, and Paul Ryan getting booed. Flags waived. Cameras panned the Washington Mall as Americans gazed upon their president with wide eyes and the occasional tear.
And I thought to myself, “How can these people fall for this stuff?”
I often people talk with people who are under the impression that corporations are some sort of creation of a laissez faire economy. They believe that the current corporate oligarchy we live under, and I don’t think that is too strong a term, is because markets were left too free. This couldn’t be more wrong.