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So, tell me comrades, am I right in thinking that the lesson learned in 2008 was simply not publicize contagion, and simply quietly bail out these failures, and follow-up question, does that in fact mean that market crashes like this will never have the impact they once did?
I’ve been reading The Capital Order by Clara Mattei and so far its a pretty convincing argument that a lot of the “bugs” of capitalism actually serve to reinforce in peoples mind the idea that capitalism is, more or less, flowing from natural laws and can’t be fundamentally changed, only tweaked around the edges.
I’ll have to read this. I like this idea, it’s something I had a gut feeling about but never had words for. Most people seem to have an ingrained idea that Capitalism is just the Natural Way Things Are , and that any alternative way to organize economic activity is somehow going against nature. Why did the USSR collapse? They went against the natural order of things, and then fell from grace like Icarus. What’s the deal with the way that the indigenous people of Turtle Island did public ownership and stewardship of natural resources? Oh, well, they were just primitive savages who had not yet discovered the platonic ideal which is Capitalism! What, you mean you want to unionize? That’s foolish, you’re going against the natural brilliance of the Owners of Capital!
If you weren’t already aware, that’s the premise behind Mark Fisher’s Capitalist Realism.
