Blaming the crisis on individual greed or ethical lapses also fails to address its systemic character. No surprise, then, that it\’s a favourite theme of market fundamentalists who find it impossible to accept that capitalism\’s regular breakdowns might be in any way built into its DNA.
Err, no, sorry, you\’ve got this entirely the wrong way around. The boom and bust nature of capitalism is generally accepted. You\’ve even got those, (The Austrians) who insist that it\’s a vital part of the system. That without the occasional bust we don\’t get the ongoing, decade by decade, 2% a year growth in per capita GDP that capitalism, alone amongst economic systems, provides.
It\’s not, in this view, that the breakdowns are built into the DNA….they are the DNA.