The Economist Went Full Occupy Wall Street On Bankers
REUTERS/Eduardo Munoz
In a Nov. 15 commentary about capitalism's increasingly negative reputation, the classical liberal magazine said that nearly half of Americans have a less-than-positive view of the term, and associate it with financial capitalism and greedy banks.
While most people do like the underlying elements of capitalism - competition, private property - those ideas no longer come to mind when people think of capitalism, the article said.
And, the authors wrote, "when governments and central banks are forced to step in to rescue the titans of finance, the idea of a free market also goes out the window."
Their concern, of course, is that a general aversion to the idea of capitalism will lead voters to back harmful, anti-business politicians.
And this, they say, is all the doing of the big bad guys on Wall Street: "Somehow, capitalism, for want of a better word, must be rescued from the bankers."
Harsh.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Experts warn of rising temperatures in Bengaluru as Phase 2 of Lok Sabha elections draws near
- Axis Bank posts net profit of ₹7,129 cr in March quarter
- 7 Best tourist places to visit in Rishikesh in 2024
- From underdog to Bill Gates-sponsored superfood: Have millets finally managed to make a comeback?
- 7 Things to do on your next trip to Rishikesh