Word: capitalisme
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But the current love-in with the state will be short-lived. Every time there has been a perceived crisis of capitalism in recent decades, the government's economic role has swelled. But inevitably, this process gets thrown into reverse and the free market stages a rousing comeback. That's...
In Europe after World War II, for example, unfettered capitalism was practically a dirty phrase. One historian said those who believed in free enterprise were "a defeated party." With memories of the massive unemployment of the Great Depression still fresh, and the need to rebuild from the devastating war all...
Similarly, many new leaders of the developing nations that emerged from colonial empires in the mid-20th century believed their poverty was rooted in free markets and leaned toward state control. In India, for example, Jawaharlal Nehru, its first Prime Minister, saw imperialism as an outgrowth of free capitalism; only...
The current shift toward a more powerful state in the U.S. will never go as far as India's License Raj. But there is no reason to believe that this current crisis of capitalism won't end up the same way as all of the others - with a renewal of...
The high-profile convictions indicate that China is still struggling to move beyond its unruly early days of privatization. The prosecutions are "a reflection of the cowboy capitalism, the relatively unregulated capitalism that exists in China," says David Zweig, a China scholar at the Hong Kong University of Science and...