"For the better part of half a century after World War II, democratic capitalism built its modern framework against the backdrop of its death match with totalitarian Communism. In the two decades since the fall of the Berlin Wall, the American model of capitalism, largely unchallenged by ideological alternatives and increasingly dominant around the world, drifted toward what conservatives viewed as a more pure form of economic liberty and what liberals came to view as misguided free-market fundamentalism.
But now, as the United States and other nations look for lessons in the wreckage from the excesses of that period, political leaders are confronting uncertainty about what economic structures and values should define capitalism’s next chapter. Even before the current crisis, there were calls to rethink basic assumptions about the economy. Growth during the Bush presidency was slower than in any decade since before World War II, and incomes for most families have been growing slowly for much of the last three decades."
NY Times: Redefining Capitalism After the Fall , April 18, 2009
"After the Fall" seems to me another example of hyperbole for the sake of attention (it is, accidentally, also the name of the comic-season 6 of "Angel", just to tie this in with the general focus of this month) - but I guess part of the problem here is the lack of an alternative that has worked. We can look in the past and dream of the classic Central European welfare state, but then, it seems that this possibility is long gone. While critics of Obama use the S-word very frequently and creatively, that just looks nice on paper, much like the whole hip "we know how to use the internet now" (though a couple of months too late, suckers) teabagging thing (which they still use unironically, despite the first definition that comes up when you wiki it). Usually, the lines "This article is about the sexual practice. For the protests in the United States, see 2009 Tea Party protests" don't fare well for the conservative movement.
My prediction: everybody is going to have a little less, also security, and some will have a little more, but probably live with the possibility of having their residences and cars demolished more frequently, but nothing basic is going to change (at least for those under 30 who weren't really counting on retiring or receiving the same kind of health care as their parents).
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