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Jagdish Bhagwati: Capitalism’s Petty Detractors, World Affairs Journal
Posted By Jacob Laksin On December 13, 2009 @ 3:42 pm In Political News | No Comments
When the twin crises erupted on Wall Street and Main Street, each one of them fierce in itself but far more frightening when they interacted, populists rushed forward to celebrate the demise of capitalism and, for added gratification, plunge their pitchforks into its dead corpse. Since then, they have had their champagne parties. By now, however, the fizz is gone and the rush to judgment by capitalism’s obituarists has left us with tattered myths and egregious fallacies that invite scrutiny and refutation.
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