On a new form of Capitalism.
On this International Labor Day, I would like to, take a moment to reflect on a couple of very interesting articles by William Pfaff, the correspondent of the IHT in
Not only does he have a good grasp of the recent events in France (with the sort of cultural and political knowledge of Europe rarely seen among American pundits these days) but he also sees the greater picture with what I consider a fascinating political and philosophical view of economics.
His latest op-ed last Friday entitled Why Europe should reject
He contends that a new form of capitalism has replaced what he calls the "stakeholder" version of reformed capitalism that prevailed during the period following World War II which was characterized by the ideology that that corporations had a duty to ensure the well-being of their employees and an obligation to the community, chiefly but not exclusively fulfilled through corporate tax payments. (a model influenced by the New Deal as well as by reform unionism, European social democracy, and Christian social doctrine).
It is hard not see some reality in his analysis particularly if you consider the intermingling of business and politics in recent years, with the increasing dependence of both American political parties on money from the coporate world, hence the lack of will to reform.
And Pfaff is not alone in his thinking. He mentions Felix G. Rohatyn, the financier and former
As far as globalization and free trade are concerned, Pfaff moves away from the usual consensus, claiming that "free trade often proves predatory in backward societies, destroying functioning institutions and failing to replace them". "One remedy", he suggests, "is that free trade be emphasized within blocs of economies at comparable stages of development, instead of the universal deregulation advocated until now."
I find those suggestions quite attractive. They have the merit of giving an alternative to the usually binary view of those who are ideologically simply either for or against the current model. This is where
In any case, whatever the solutions may be, it is certain that Europe should be looking for social and economic evolution on its own terms.
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