The great irony is that our new place in the global economy is a direct consequence of our grand victory over the past 60 years. We have, indeed, converted virtually the entire world into one integrated capitalist economy, and we must now bear the brunt of serious and vigorous competition. In the immediate aftermath of World War II, the United States was essentially the only nation with financial capital, intellectual capital, skilled labor, a growing middle class generating consumer demand, and a rule of law permitting safe investment. Now we are one of many nations with these critical advantages.
Thursday, December 4, 2008
Great article in Slate today by Elliot Spitzer about the now global capitalist economy that America has been encouraging all these years. But are we ready to sleep in this bed we've made? Are our big government bailouts being spent on the past or the future?