I really enjoyed this piece by Soros. Thoughts? Discussion?
It does seem that most (at least in the US) feel that absent Capitalism, we are left with Communism, or at the least Socialism. IMO people need to understand that the individual can be divorced from Capitalism without assimilation, or a thoughtless devotion to the public good. Greatness doesn't require a means to acquire capital. We need new measures of achievement.
Well, what do you think? I think Soros could stand to sharpen his writing up, and his attempt to take credit for the idea of reflexivity is a little irritating, but, otherwise, I think the article speaks for itself: What used to be a medium of exchange has usurped the place of fundamental values ... The cult of success has replaced a belief in principles. ... there is something wrong with making the survival of the fittest a guiding principle of civilized society. ... guided by the principle of the survival of the fittest, states are increasingly preoccupied with their competitiveness and unwilling to make any sacrifices for the common good.Any thoughts?!
In the absence of equilibrium, the contention that free markets lead to the optimum allocation of resources loses its justification. The supposedly scientific theory that has been used to validate it turns out to be an axiomatic structure whose conclusions are contained in its assumptions and are not necessarily supported by the empirical evidence. ...