How terribly amusing

We face the same challenge today – to develop a morally acceptable form of capitalism. As Keynes feared might happen, much business is now seen as no more than profiteering. Many people object to the bonus culture of the banking system because they don\’t believe those bonuses are earned. We have also learned that inequality not only undermines the legitimacy of capitalism (that was Keynes\’s concern) but it has corrosive effects: unequal societies are unhappier, less healthy, and have more crime.

So it\’s the lies that have been told about contemporary capitalism which lead to our having to change contemporary capitalism.

Bonuses are simply flexible wages, The Spirit Level is lies from start to finish (sorry, that should read \”carefully crafted yet inaccurate statistics\”). And yet because the populace believes these lies therefore we must change capitalism?

Wouldn\’t it be simpler to not lie about contemporary capitalism?

5 comments on “How terribly amusing

  1. You see this sort of effect all the time on the lefty forums. They dream up a situation based on an entirely false narrative, and then say it makes their blood boil when nobody is doing anything about it. They in effect invent situations with which to get outraged about, but the outrage is genuine enough. I used to point out that the solution to their angst was mind-boggling simple: stop believing your own bullshit. It was a waste of time.

  2. Sure bonuses are just “flexible wages”, but if you believe there is anything like a free market in labour for the loadsamoney end of the banking sector (or indeed much of the financial services industry) then I have some swampland in Florida that might interest you.

  3. “unequal societies are unhappier, less healthy, and have more crime.”

    Not at my end of town they don’t.

  4. JamesV:

    Over the world, even in the freest economies, there exist restrictions and regulations that work against the free play of market forces.

    But your post implies that something more (and more nefarious) operates to corrupt or thwart what a truly free market would have determined.

    Could you flesh that out a bit? You’ve made a statement but that’s far from making a case–even a teensy-weensy one.

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