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Monday, November 29, 2010

A new economic system

Marxism failed some time ago. It's beginning to look as though capitalism will soon fail as well, if it has not done so already.

The cause of capitalism's downfall is clear: People with a lot of money can purchase politicians and propagandists, and thus will always work to destroy government regulation. Without regulation, the financial system implodes -- just as our streets would become too fearsome to navigate if all cops and streetlights disappeared.

What we need are some truly new ideas, not warmed-over 19th century notions. Get thee behind us, Adam Smith and Uncle Karl. Let's rethink this thing from the ground up.

I hereby propose a unique, never-before-tried, previously unconsidered and stunningly original economic system: Universal Cannonism.

How does it work? I don't know. Frankly, sorting out the details strikes me as fit labor for pedants. (If you would like to try your hand at it, be my guest.) The important thing is to start with the right nomenclature. Get the name right and everything else will fall into place.

Universal Cannonism. I have seen the future.
What are the canons of Cannonism?
Keep yer powder dry.
In addition to the modern capitalist system undermining itself via corruption (politically purchased deregulation, regulatory capture, control fraud, etc.),there's a fundamental economic flaw inherent in the system. The following talk by Steve Keen is really worth watching:
I believe that communism and pure capitalism fail for the same reason--they both refuse to take into account human nature.

Communism, which in its ideal form is pure altruism, doesn't work because it ignores self-interest and encourages freeloading. Laissez-faire capitalism, which in its essence is pure individual self-interest, doesn't work because it promotes feelings of guilt in those who accumulate wealth—and even more important, it goes against the self-interest of the many by encouraging a dog-eat-dog world where only the unscrupulous get to the top.

I don't know what we might want to call it, but regulated capitalism is what works.

Carolyn Kay
Capitalism is dog-eat-dog, but with communism it's the other way around.
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