The Enablers of Predatory Capitalism

Source: The American Prospect
by Robert Kuttner

“For half a century, bad economics has provided intellectual cover for bad government. Those in charge preferred economists who would validate free-market fantasies, even though they had been disproven by events. The dominant policies served large banks and multinational corporations at the expense of working people. This was not only unjust; it was catastrophic. Markets mispriced carbon and generated global climate disaster; they mispriced financial securities and produced the collapse of 2008; they deregulated labor, stagnating wages even as GDP more than doubled. John Maynard Keynes demolished the premise of perfect market efficiency, revealing it to be a theoretical and empirical fraud, and the Great Depression provided the exclamation point.” (08/02/22)