Monday, May 4, 2009

The Wall Street Journal on A Failure of Capitalism

The WSJ today has a positive opinion piece on Richard Posner's Failure of Capitalism (may be gated). The author appears to agree with the book's argument and concludes:

Even capitalism's staunchest supporters recognize that it cannot function unless government plays its proper part. If all the players, including regulators and bankers, can accept their rightful share of blame and responsibility, we can begin to prevent future failures.

New regulations will inevitably come out of the current economic crisis. And they will inevitably be bad regulations if "capitalism's staunchest supporters," especially those with finance-industry know-how, do not participate in the process with a good attitude.

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