Wednesday, October 26, 2011
A Beast by Any Other Name
The term "corporatism" (or even "crony capitalism") does not seem to capture the essence of the economic system that prevails today in the greater part of the world, especially when it comes to its monetary and financial aspects. Should it then be called banking socialism, banking statism, corporate socialism, corporate statism, financial kleptocracy, financial paternalism, financial socialism, financial statism, monetary kleptocracy, monetary paternalism, monetary socialism, monetary statism, oligarchic socialism, plutocratic socialism, plutocratic statism, private socialism, socialist oligarchy, socialist plutocracy? What pithy, memorable and marketable name would stick and help the unprejudiced see the reality accurately?