Capitalism: the problem or the solution?
You know you’re living in unusual times when Karl Marx makes the headlines not once but twice in one day. Marx’s 1867 critical analysis of capitalism, “Das Kapital,” has risen from the publishing graveyard to become a best-seller in eastern Germany, Erik Kirschbaum reported on Reuters.com.
The second headline came from our columnist Bernd Debusman, who argued that Marx’s thinking on banks seems oddly contemporary these days. Debusman’s statement that “capitalism as we used to know it is on its deathbed” was disputed by many, including Diana Furchtgott-Roth, a senior fellow at the Hudson Institute.
In a commentary for Reuters.com, Furchtgott-Roth wrote that “the present crisis started not because capitalism was allowed to run its selfish course, but because the government interfered with the operation of private businesses and allowed excessive growth of money and credit.”
So is capitalism as we know it dead or merely resting? Is it the problem or the solution? And if there are hopes for a Capitalism 2.0, as Debusman says, how should it differ from the old model?