Rich Broderick: Gov. Walker and the Ghost of Andrew Mellon
Rich Broderick: Gov. Walker and the Ghost of Andrew Mellon
From its beginnings in 16th and 17th century England and Holland, capitalism has depended upon a minimum 3 percent accumulated growth rate year in and year out. If growth exceeds that 3 percent – as it has lately in China and India – so much the better.
But if the rate of growth falls below 3 percent, even for one or two quarters, capitalism, which, like the stock market, is absolutely dependent upon a faith that defies logic and anesthetizes memory, begins to sputter. Each time that faith is shaken, it becomes harder and harder to restore.
Of course any organic system that cannot live without endless growth is ultimately doomed. Critics sometimes like to refer to capitalism as a cancer; they are closer to the truth than perhaps they realize. Another name for endless growth is malignancy. In the end, a malignant entity cannot help but cannibalize its host body. This is the process we see at work today, both in the implosion of the "American Dream" and in the spreading destruction of the global ecosystem upon which all life depends.
From its beginnings in 16th and 17th century England and Holland, capitalism has depended upon a minimum 3 percent accumulated growth rate year in and year out. If growth exceeds that 3 percent – as it has lately in China and India – so much the better.
But if the rate of growth falls below 3 percent, even for one or two quarters, capitalism, which, like the stock market, is absolutely dependent upon a faith that defies logic and anesthetizes memory, begins to sputter. Each time that faith is shaken, it becomes harder and harder to restore.
Of course any organic system that cannot live without endless growth is ultimately doomed. Critics sometimes like to refer to capitalism as a cancer; they are closer to the truth than perhaps they realize. Another name for endless growth is malignancy. In the end, a malignant entity cannot help but cannibalize its host body. This is the process we see at work today, both in the implosion of the "American Dream" and in the spreading destruction of the global ecosystem upon which all life depends.
posted by Jay at
5:37 PM
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