Economic Update: The "Great Debate" That Wasn't

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Throughout capitalism's history, the big topic in economics was how far government should intervene in the economy. Conservatives wanted minimum intervention while liberals and socialists wanted much more. In fact, government intervention mostly aimed at saving, protecting, supporting capitalism. The genuinely "great debate" could and should have been about the strengths and weaknesses of capitalism versus those of a real alternative system, socialism.


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Showing 2 comments

  • pasqual digesu
    commented 2020-07-21 14:08:42 -0400
    “F. D. Roosevelt himself called Mussolini “admirable” and professed that he was “deeply impressed by what he has accomplished.” The admiration was mutual. In a laudatory review of Roosevelt’s 1933 book Looking Forward, Mussolini wrote, “Reminiscent of Fascism is the principle that the state no longer leaves the economy to its own devices.… Without question, the mood accompanying this sea change resembles that of Fascism.” B.M. (article by David Boaz).

    For use of a nicer word lets say “forced socialism”, This lesson taken by FDR allowed the entry into America or the import of Social Security, establishment of controlled unions which were previously attacked, workers rights recognized, state funded jobs versus uncapped cost contractors for public works, controlled market / product economics etc. etc. (new deal).

    Today I am hearing that Universities are being sued for tuition reimbursement for not being able to provide classroom education. Of course this is understandable since the cost is astronomic even for public schools through outrageous property taxes which have a hook in our purchased and payed for homes here in NY. Unlike other nations where the allocations for education are palatable because they are cost controlled and state funded, the impact falls under the radar. But we live in an “uncontrolled” capitalist nation so law suits are part of the game rules, its all business not personal Don Corleone. How was it once said? “The chicken have come home to roost”… or “Capitalism hits the fan”.
  • Dwight Clark
    commented 2020-07-21 12:03:55 -0400 · Flag
    Greetings Professor Wolff and Associates. I watched your recent visit on Moats- no clear view on outcomes, and have listened to above video. Let me be the 1st to offer another contender for affluence and outcome to the difficulties involved. Please ref. Commentaries on Hill, to much to bring up to speed here, Bathsheba wife of Uriah the Hittite David This is the God that delivered from Philistia gold into water this propagational, Shebat- Mother of All the Living Tefnut with creational Cycle composits, Mother of The Gods Titans Greece, Rome Europe, then England 13 Colonies aquiring reverse directionals to Europe brillance of Europe began to dim, objective not of Gods Titans but big Israel WW2 Europe Germany small Israel with German military capabilities 1948.. Britexit this country Israel removed, Replaced, Now Gods Titans Greece Rome Europe New World Marshall with Star. Israel Disk used 1996 Marshall takes priority, no corona virus no wtc horus in china ubadian here, no stomping monsters…This is The Contender at the Poker Table, A Royal Flush? Im going to play it, Make Mr. Macron Jupiter proud, and hope for your good considerations as well Professer Wolff.
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