CAPITALISM AT BAY: A LETTER TO THE ECONOMIST (October 21, 2008)

In spite of the pathos with which you defend crumbling capitalism, along with the one-hundred and sixty-five years of your newspaper’s dedication to economic liberty (“Capitalism at Bay,” October 18, 2008), you conclude your main leader with wise words: “for all its flaws,” capitalism is “the best economic system man has invented yet.” Precisely. And the key word here is the portentous “yet.” For capitalism has too many flaws, the present worldwide crash included, which have come to the fore precisely in the wake of the collapse of socialism, its erstwhile alternative. Man, to use your manner of speaking, has yet to invent a better economic system, and now is high time to start inventing it. If socialism could not achieve what was expected from it by many generations, this is capitalism’s job now. Or else.