Friday, May 15, 2009

Cheap Shots

"Von Mises, Hayek, Schumpeter, Nozick and others have noted that under democratic capitalism there are always influential intellectuals who condemn capitalism and call for the state to restrain the markets. Such an activity bears no risk and may be very rewarding. (This contrasts strongly with the consequences of criticizing socialism while living under socialism.) Entrepreneurial capitalism has nowadays no serious external enemies; it can only be weakened from within."

-- Leszek Balcerowicz, former governor of the National Bank of Poland, on the folly of blaming 'capitalism,' rather than specific policy failures, for the subprime bubble and its aftermath

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