Each time, the taxpayer is called on to bail out those who created the crisis, increasingly the major financial institutions. In a capitalist economy, you wouldn't do that. In a capitalist system, that would wipe out the investors who made risky investments. But the rich and powerful, they don't want a capitalist system. They want to be able to run to the "nanny state” as soon as they're in trouble, and get bailed out by the taxpayer. They're given a government insurance policy, which means that no matter how often you risk everything, if you get in trouble, the public will bail you out because you're too big to fail - and it's just repeating over and over again.
Noam ChomskyRelated topics
able bail big capitalist crisis economy everything fail given government insurance major matter nanny policy public repeating rich risk run state system taxpayer time trouble wipe meansRelated quotes
Capital, explaining the origins of the capitalist mode of production, points towards the inevitable historical decline and fall of this same social system. An economic theory based upon the historical relativity of every economic system, its strict limitation in time, tactlessly reminds Messrs the capitalists, their hangers-on and their apologists that capitalism itself is a product of history. It will perish in due course as it once was born. A new social form of economic organization will then take the place of the capitalist one: it will function according to other laws than those which govern the capitalist economy.
Ernest Mandel
Some see our struggle as a symbol of the trend toward suicide among Blacks. Scholars and academics, in particular, have been quick to make this accusation. They fail to perceive differences. Jumping off a bridge is not the same as moving to wipe out the overwhelming force of an oppressive army. When scholars call our actions suicidal, they should be logically consistent and describe all historical revolutionary movements in the same way. Thus the American colonialists, the French of the late eighteenth century, the Russians of 1917, the Jews of Warsaw, the Cubans, the NLF, the North Vietnamese-any people who struggle against a brutal and powerful force-are suicidal.
Huey P. Newton
Market power and externalities are examples of a general phenomenon called market failure-the inability of some unregulated markets to allocate resources efficiently. When markets fail, public policy can potentially remedy the problem and increase economic efficiency. Microeconomists devote much effort to studying when market failure is likely and what sorts of policies are best at correcting market failures. As you continue your study of economics, you will see that the tools of welfare economics developed here are readily adapted to that endeavor. Despite the possibility of market failure, the invisible hand of the marketplace is extraordinarily important.
Greg Mankiw
Look, when I did the Free Trade Agreement, I didn't know how it was going to turn out. I thought it was the right thing to do. I believed it was the way of the future. If you looked at it in the new millenium, you would say this was so obvious that it had to be done. Without it, Canada would be small and atrophied. The Free Trade Agreement and NAFTA will be regarded one hundred years from now as a major defining moment in the evolution of Canada. The New York Times did a big article in the financial section on NAFTA and they basically said, the United States and Mexico might have a little trouble with this, but, boy, Canada sure doesn't. Canada has emerged the true winner on everything.
Brian Mulroney
As you all know, ever since the end of the war Britain has been working against time. We must find a way to stand on our own feet, and that very soon. Since the end of the war, too, our reserves have been small. This means that any alteration in world trade conditions, any failure to produce and sell enough goods must land us in serious trouble... I would like every one of you, whether employer or employed, to start right away to consider how in your particular job you can increase and cheapen production, how you can check absenteeism and get the kind of public opinion in factory, mine, railway, or other workplace which will bring the person who is slacking up to the mark.
Clement Attlee
