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I found it interesting that the hosts of that show were suggesting that the system would be self-correcting. I think that may have been the case before a global

I found it interesting that the hosts of that show were suggesting that the system would be self-correcting. I think that may have been the case before a global economy, but now if your home nation can't consume, a corporation can either relocate operations or refocus on growth markets. The final, and most extreme self correcting option they offered – revolution, would probably come too late and have little effect on corporate and financial executives who have by then fled the country.

bencpeters 14y ago
Another important argument against self-correction is the extent to which institutions of government (and by extension regulation) have been captured by the lobbies and proxies for the wealthy. Add to that the fact that one of the only voices for the middle/working class that actually had some political clout - unions - have been on the decline for a generation, and it really starts to look like a rigged system where all politicians profess to support working class values but really are beholden to the rich. Although I certainly wouldn't say that both parties are equally bad in this realm, it definitely is a systemic problem, and one that makes a correction less and less likely as it becomes more entrenched.
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- MordinSolus 14y ago
  > Another important argument against self-correction is the extent to which institutions of government (and by extension regulation) have been captured by the lobbies and proxies for the wealthy. This is a result of the size and power of the government. If the government was far less active in the market and wielded far less power, there would be, accordingly, far less incentive to influence the government. This all pretty much leads back to the New Deal.
vannevar 14y ago
I found it interesting that the hosts of that show were suggesting that the system would be self-correcting. And so it may be, but nature often has a way of self-correcting that is not very hospitable to human life. Tectonic plates shift suddenly, causing earthquakes. Revolutions break out, leading to the deaths of millions. It might be prudent to use our powers of reason to consider how to make a soft transition rather than blindly letting nature take its course.

bencpeters 14y ago

Another important argument against self-correction is the extent to which institutions of government (and by extension regulation) have been captured by the lobbies and proxies for the wealthy. Add to that the fact that one of the only voices for the middle/working class that actually had some political clout - unions - have been on the decline for a generation, and it really starts to look like a rigged system where all politicians profess to support working class values but really are beholden to the rich. Although I certainly wouldn't say that both parties are equally bad in this realm, it definitely is a systemic problem, and one that makes a correction less and less likely as it becomes more entrenched.

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MordinSolus 14y ago
> Another important argument against self-correction is the extent to which institutions of government (and by extension regulation) have been captured by the lobbies and proxies for the wealthy. This is a result of the size and power of the government. If the government was far less active in the market and wielded far less power, there would be, accordingly, far less incentive to influence the government. This all pretty much leads back to the New Deal.

vannevar 14y ago

I found it interesting that the hosts of that show were suggesting that the system would be self-correcting. And so it may be, but nature often has a way of self-correcting that is not very hospitable to human life. Tectonic plates shift suddenly, causing earthquakes. Revolutions break out, leading to the deaths of millions. It might be prudent to use our powers of reason to consider how to make a soft transition rather than blindly letting nature take its course.