David Priestland: The Sun Sets on the Modern Merchant ClassRoundup: Historians' Take
tags: 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
- Rubio Surges Into Second In New Hampshire
- Branstad Says Cruz Ran ‘Unethical’ Campaign
- Christie Highlights Santorum’s Endorsement of Rubio
- Portman Comes Out Against Trade Deal
- Megyn Kelly Gets a Book Deal
- A Big List of the Bad Things Clinton Has Done
- An Unambiguous Sign Sanders Won Last Night’s Debate
- Still Friends at the End
- Quote of the Day
- Trump Still Leads as Clinton Slips
- Clinton Can’t Shake Image as Wall Street’s Friend
- Maddow Doesn’t See Sanders Winning
- Why Does the Media Still Shield Chelsea Clinton?
- Bush Jokes His Mother May Have Abused Him
- Rubio Closes the Gap in New Hampshire
- Humans Hard-Wired to Teach, Anthropologist Says
- Parents outraged after students shown ‘white guilt’ cartoon for Black History Month
- Maryland is once again considering retiring its state song
- One of the last remaining Nazis goes on trial in Germany
- Inside story finally told of the young US diplomat who cracked the case of the murder of 4 nuns in El Salvador in 1980
- Historian at the center of Sanders-Clinton debate
- James Loewen Says Additional Baltimore Confederate Statues Should be Removed
- NYT History Book Reviews: Who Got Noticed this Week?
- A historian’s advice to students thinking of getting a PhD in a tough economic climate
- German historian Heinz Richter cleared of charges