Here is some food for thought as we enter the first year following the centennial anniversary of The Great War. We have just transitioned from the unbridled optimism about liberal capitalism brought on by the fall of Communism and symbolized by Fukiyamas declaration of the End of History, to something of a crisis point represented by three great failures of liberal capitalism: the Great Recession brought on by the failure of market forces and rational expectations to curb and smooth the excesses of greed, rent-seeking, and cronyism; the failure of the Fukiyamistas during the Bush administration to tame tribalism and Jihad with a militarized imposition of liberal capitalism; and the failure of liberal capitalism to deliver a fair distribution of wealth based on the real contributions of individuals to productivity growth, as can be seen in the explosion of income inequality over the last three decades. Add to that the economic success of China as a challenge to the notion that liberal capitalism is the End of History, and our need to adapt to global climate changes and transition to a world no longer based on burning fossil fuels, and the stage is set for cataclysmic changes over the next century.
Posted on: Sun, 04 Jan 2015 16:25:52 +0000
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