Word: capitalisme
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French President Nicolas Sarkozy has spent the past year hammering away at the excesses of American-style capitalism. In September, European Commission President Jose Manuel Barroso declared that workers' rights and "social cohesion" were top priorities on the Old Continent. And Italy's veteran Economy Minister, Giulio Tremonti, went out...
Of course, the ideas of John Maynard Keynes are also behind the auto-industry bailouts, new financial regulations and public investments pushed by the Obama Administration. The difference is both in the details and the big picture: not only do specific national economic policies in Europe tend to still trail...
There's not much to add to the first point - that really bad stuff can happen - other than to note that capitalism has just experienced the equivalent of a meteor near miss. But the second and third points demand more explanation. The reason a big federal debt undermines the dollar...
Of all the potheads I know - did I mention I live in Los Angeles? - only one still uses a dealer. He hasn't made the logical switch from purchasing illegal drugs to committing medical fraud partly because he doesn't want his name on a dispensary list for professional reasons...
But competition, it turns out, improves capitalism, even among the members of society least capable of doing math. "The dispensaries have really made my drug dealer step up," my friend told me. Not only is the dealer now charging $100 for a quarter ounce, compared with the $120 he'd...