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The problem with markets

Tuesday, July 13th, 2010

July 13, 2010
The “culture” that set the limits on public borrowing… was the culture of financial markets, not the vaporous will of the untrustworthy voting public. (ST) / virtually all other political systems that we know of suffer from the same defect [political and economic power in the same hands] (AB) / … Capitalism, not democracy, is the problem… capitalism can generate economic growth. But it can also create persistent problems of inequality, poverty and economic injustice, which in turn cause apathy, discontent and ultimately instability, all of which undermine profits and ultimately the very growth that capitalism is supposed to generate. (JH)

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