‘Doomsday Capitalism:’ Local virus? Global pandemic?
Commentary: 7 signs toxic partisan politics is killing capitalism, democracy, your retirement
By Paul B. Farrell, MarketWatch
ARROYO GRANDE, Calif. (MarketWatch) — Warning: “Capitalism as we knew it is dead.” What a grabber! A flashing neon sign on Times Square near Morgan Stanley? No, it’s the headline on a promo ad for the new book co-authored by the highly regarded American editor of the world’s leading business magazine, the Economist.
Yes, “capitalism as we knew it is dead.” Who killed it? The usual suspects. Everybody. And it was easy. First we killed democracy. Yes, democracy as we knew it is also dead.
Next question: What’ll take its place? In “The Road from Ruin,” Matthew Bishop, the Economist’s business editor and co-author Michael Green tell us “capitalism as we knew it” died on “Sept. 15, 2008, the day Lehman Brothers went bust. That much is clear. What we don’t know yet is what will replace it and whether that version will be any better than what went before.”
Wrong: We do know exactly what will replace it. We also know it won’t be better. In fact, far worse, far more self-destructive. The “Doomsday Capitalism” virus is spreading: