“In fascist Italy the state pays for the blunders of private enterprise,” Italian social critic Gaetano Salvemini wrote in the mid-1930s. When business was good, “profit remained to private initiative.” However when downturns came (as they inevitably do), “the government added the loss to the taxpayer’s burden.” “Profit is private and individual,” Salvemini wrote. “Loss is public and social.”
Posted on: Wed, 23 Oct 2013 01:43:30 +0000
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