Wednesday, September 17, 2008

Not Socialism

Pam at Pandagon on the AIG bail-out:
What do you think the direct return on investment is going to be for the American people? And how many other “too big to fail” companies have whimpering executives already sitting at the table with the government begging for their turn on the teat?
That whole free market, let-the-markets-decide philosophy works—until it doesn’t. Then it becomes socialism - has conservatism completely failed or what?
I see what she's getting at. An economic system that's "free becomes socialism" is a pretty dead-on description of what was originally termed capitalism: the state existing to defend and promote the interests of organized capital.

Laissez-faire claptrap notwithstanding, the recent state interventions attempting to prop up the financial industry are not deviations from the principles capitalism, but rather their fulfillment.

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