Word: capitalisme
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Every four years Americans remind themselves that, as Reagan loved to say (Tom Paine too), "We have it in our power to start the world over again." Reagan was exaggerating, as usual. But, as usual, he was on to something: capitalism's genius for what Joseph Schumpeter called "creative destruction...
The most popular ideologies of youth--punk negativism, resurgent capitalism, and new age intuitionism--all are inward-looking philosophies, aspects of a narcissistic time. Reagan's impermeable sheen, his success through avoiding responsiblity for anything, has become something to strive for.
IF the icon of the old capitalism was the backyard inventor (as nostalgically recalled in the movie "Tucker"), the undoubted emblem of the new capitalism is the silk-draped Wall Street arbitrageur. The latter schemes to make money from money, rather than making money from a product that would potentially...
An inch below the lush turf of the Reagan prosperity, fault lines are already formed. While the elderly have grown more affluent, one-fifth of America's children live in poverty. While there was a legitimate need to increase defense resources, the Administration tolerated such sloth that blatant waste and...
So much for the domino theory. Despite China's power to stalemate the Korean War, and the U.S. defeat in Viet Nam, capitalism has flourished in Asia -- a painful irony when one considers the price paid by successive American governments to contain the Commies.