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I appreciate you clarifying your points where they were proscriptive rather than descriptive, it is certainly a common civc intention of government and a persis
by racketcon2089 3y ago
I appreciate you clarifying your points where they were proscriptive rather than descriptive, it is certainly a common civc intention of government and a persistent ideal of governance.
In a previous era from 1890-1910, the purpose of "trust busting" and regulating industry was specifically to limit the threat of any single private entity from creating enough systemic risk to be considered "too big to fail."
There's nothing particularly pro-market about saying that habitual drunk drivers who no entity will sell accident insurance to must be retroactively insured for free by the government to contain the systemic risk they inflict on sober people.
The legitimate benefits of the technological innovations that've come from no-downside financial speculation appear to be increasingly portable, available to other societies either through reverse-engineering or commodities-for-technology-transfer or outright espionage.
So regardless of how much the top 5-20% of Americans and their cultural institutions have a moral or predictive-utilitarian argument for the societal and technological benefits of concentrated capital and financial policy that sees the wealthiest capture a larger percentage of GDP decade-over-decade, it appears to be internally destabilizing and internationally weakening by nearly any metric one could name.
To steelman the other side of this, one could argue the decline is overstated and temporary or attribute it to other factors. But it's no longer the case that a majority domestically or internationally is confident that this is the least bad system to emulate out of all the really existing systems.
Powers in decline and relative elites within them tend to spend a lot of time creating theories for why the majority is wrong to feel the way they do, but historically that strategy has failed, regardless of if what replaces the existing system eventually turns out to be even worse.