Capitalism

Can American Capitalism Survive?

By Robert Samuelson

"Can capitalism survive? No. I do not think it can."

-- Joseph Schumpeter, 1942 

WASHINGTON -- The story of American capitalism is, among other things, a love-hate relationship. We go through cycles of self-congratulation, revulsion and revision. Just when the latest onset of revulsion and revision began is unclear. Was it when Lehman Brothers collapsed? Or when General Motors pleaded for federal subsidies? Or now, when AIG's bonuses stir outrage? No matter. Capitalism is under siege, its future unclear.

Schumpeter, one of the 20th century's eminent economists, believed that capitalism sowed the seeds of its own destruction. Its chief virtue was long-term -- the capacity to increase wealth and living standards. But short-term politics would fixate on its flaws -- instability, unemployment, inequality. Capitalist prosperity also created an oppositional class of "intellectuals" who would nurture popular discontents and disparage values (self-enrichment, risk-taking) necessary for economic success.
http://www.realclearpolitics.com/articles/2009/03/american_capitalism_besieged.html

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What this article is asking is can America survive capitalism because what capitalism is when individuals try to only take care for themselves. And I think that can and will hurt our resources because unlike socialism its not looking out for the needs of everyone. -MC #30