David Priestland: The Sun Sets on the Modern Merchant Classtags: Chronicle of Higher Ed., soldier, David Priestland, Oxford University, Merchant, Sage
As we struggle to emerge from the 2008 financial crisis, we may now have enough distance to understand its real significance.
Immediate judgments were often very flawed. For example, then-president of France, Nicolas Sarkozy, brandished a copy of Das Kapital before the press to show his deep, structural understanding of the catastrophic events in the international markets. The implied message: Capitalism is doomed, as anyone can see. But there was no Marxist revival, and capitalism has not collapsed. Indeed, in the global East it is positively flourishing. Capitalism seems to have an assured future, at least in the medium term.
More influential than Sarkozy's structural explanation is a moral one. This has been a short-term crisis caused, the argument goes, by greed and recklessness—whether of bankers or borrowers, depending on your political outlook. And yet in some ways, Sarkozy has a point that the moralists ignore. Our recent model of capitalism has involved spiraling inequality and unsustainable trade and financial imbalances. Debt, it is clear, was simply obscuring deep problems within the world economy, giving the lie to the laissez-faire belief that ever more open markets are the high road to stability....
comments powered by Disqus
- Russian History Receives a Makeover That Starts With Ivan the Terrible
- Parsing Ronald Reagan’s Words for Early Signs of Alzheimer’s
- Here's a look at history of 'religious freedom' laws
- ‘Hamilton’ Puts Politics Onstage and Politicians in Attendance
- Earth Tectonic Plate Simulation Reveals Our Planet Has Changed A Lot In 200 Million Years
- Historians make it easy for visitors to DC to understand the history of the Mall
- History's Grandin Wins Bancroft Prize for "The Empire of Necessity"
- Nobel prize-winning scientist writes a history of science
- Ken Burns tackles history of cancer
- If historians have their way, Americans will soon learn how important religion has been in US history