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This is not the end of capitalism. It is not even the end of American capitalism.
American capitalism, especially as zealously protected by the Republican Party, is anchored on the hitherto unshakeable belief in what is reverentially referred to by its priests and acolytes as “The Market.” Meaning, that the Free Market, the Unseen Hand of Adam Smith, is the best, and even the only, arbiter of economic decisions in the allocation of resources. Hence, according to this secular religion, the best government is the one that interferes the least in the workings of The Market. But that has now been stood on its head.
The lame-duck Republican administration of George W. Bush pushed for a $700-billion bailout, to be financed by American taxpayers over the next few generations, ostensibly to buy the bad debts of homeowners who can no longer afford to pay the monthlies, but effectively to save the banking and finance corporations - and their scandalously overpaid executives - from drowning in their own vomit. American capitalism, with or without Jewish speculators, will never be the same. But American capitalism is not dead. It just needs a blood transfusion and, possibly, a heart transplant and a lobotomy.
One Republican fuddy-duddy senator complained on CNN that “this is socialism and un-American.” Someone should tell the pompous ignoramus that the minimum-wage law is socialism, unemployment insurance is socialism, universal health care (admittedly still unknown in the US) is socialism, socialized housing is socialism, subsidized education is socialism, sick and vacation leaves are socialism, maternity leaves are socialism, even trade unions are socialism.
American capitalism is not and never was the model for the rest of the world. Western European capitalism, which unapologetically accepts heavy government presence in the economy and generous social benefits for stakeholders, is substantially different from American capitalism. So is Anglo-Saxon capitalism under ruling Labour parties, especially in the matter of health care. So are the highly paternalistic Japanese and German capitalism. So are Chinese and Vietnamese capitalism under monopoly of political power for the ruling Communist parties. So is Middle Eastern capitalism, totally dependent on one abundant commodity that is theirs purely by geological accident. So is Russian capitalism, heavily dominated by cronies and gangsters close to the Kremlin center of gravity. So is Philippine and Latin American capitalism, with one foot still stuck in feudalism.
To each his own. Americans should disabuse themselves of the conceit - often articulated by George W. Bush in his limited vocabulary - that everyone else, aside from the Filipinos, wants to be like them. - Antonio C. Abaya, www.tapatt.org
