The Dangers of Quasi-Capitalism

In the aftermath of the 2008 financial crisis, America has largely been spared a full ideological assault on the legitimacy of capitalism. While past economic and financial calamities have produced vocal anti-capitalist movements — and though the antics of Occupy Wall Street have generated headlines — principled, substance-based critiques of the essential elements of a free-market system have not materialized. That such criticisms have been blunted is surely related to the dismal experience of anti-capitalist regimes: As a result of the failure of socialism in the 20th century, many have come around to the belief that there is simply no viable alternative to an economic system rooted in the basic principles of free markets. Such widespread acceptance, even if only the result of all other possibilities having been exhausted, would seem to offer comfort to those concerned about capitalism's future.