My reaction to "creative capitalism” as lauded by Bill Gates, Warren Buffett, Michael Kinsley, and (somewhat to my surprise), Professor Glaeser of the Harvard Economics Department is a skeptical one. The embrace of massive corporate charity, the criticism of capitalism by its greatest beneficiaries, and the frequent resort by the advocates of "creative capitalism” to platitudes (such as: "the world is getting better, but not fast enough and not for everyone”; "today's miracles of technology only benefit those who can afford them”; "economic demand is not the same as economic need”), along with the vagueness of the term itself, leave me with an uncomfortable feeling.
Richard PosnerRelated topics
benefit bill charity corporate creative criticism demand department economics embrace enough everyone fast feeling frequent getting leave massive need professor reaction resort somewhat surprise technology term vagueness warren world harvard michael capitalism gatesRelated quotes
We must now try to sum up, to draw together the threads of what has been said above on the subject of imperialism. Imperialism emerged as the development and direct continuation of the fundamental characteristics of capitalism in general. But capitalism only became capitalist imperialism at a definite and very high stage of its development, when certain of its fundamental characteristics began to change into their opposites, when the features of the epoch of transition from capitalism to a higher social and economic system had taken shape and revealed themselves in all spheres. Economically, the main thing in this process is the displacement of capitalist free competition by capitalist monopoly.
Vladimir Lenin
America has entered one of its periods of historical madness, but this is the worst I can remember: worse than McCarthyism, worse than the Bay of Pigs and in the long term potentially more disastrous than the Vietnam War.
The reaction to 9/11 is beyond anything Osama bin Laden could have hoped for in his nastiest dreams. As in McCarthy times, the freedoms that have made America the envy of the world are being systematically eroded. The combination of compliant US media and vested corporate interests is once more ensuring that a debate that should be ringing out in every town square is confined to the loftier columns of the East Coast press.
John le Carré
[pp 6-9] Marx warned that capitalism has built within it the seeds of its own destruction.... Unable to expand and generate profits at past levels, the capitalist system would begin to consume the structures that sustained it. It would prey upon, in the name of austerity, the working class and the poor, driving them ever deeper into debt and poverty.... Politics would become subordinate to economics, leading to political parties hollowed out of any real political content and subservient to corporations.... *Capitalist oligarchs hoard huge sums of wealth, $7.6 trillion stashed in overseas tax havens.... In the end corporate monopolies obliterate free market competition.... Corporations feast on taxpayer money.
Chris Hedges
It should be obvious that the criticism of this opinion serves not to present counter-arguments, but to discredit and attack me because I've deviated from the prescribed path. In his intriguing and thoughtful essay on My Race Problem and Ours, Harvard law professor Randall Kennedy, a self-described social Democrat, correctly observes that 'If racial loyalty is deemed essentially and morally virtuous, then a black person's adoption of positions that are deemed racially disloyal will be seen by racial loyalists as a supremely threatening sin, one warranting the harsh punishments that have historically been visited upon alleged traitors.
Clarence Thomas
Since I shall be indicating my disagreement with some of the points made by Professor Israel Kirzner, let me stress that I am in complete sympathy with his point of departure, namely, the emphasis on the dispersion of information among economic decision-making units (called by him, "Hayek's knowledge problem") and the consequent problem of transmission of information among those units.
Much of my own research work since the 1950s has been focused on issues in welfare economics viewed from an informational perspective. The ideas of Hayek (whose classes at the London School of Economics I attended during the academic year 1938-39) have played a major role in influencing my thinking and have been so acknowledged.
Leonid Hurwicz
