Michael Perelman wrote:
> One more point on what Jim said about the interests of individal
> capitalists vs. capitalists as a whole. Streeck, Wolfgang. 1992.
> Social Institutions and Economic Performance: Studies of Industrial in
> Advanced Capitalist Economies (NY: Sage) writes about what he calls
> beneficial constraints, where the authorities might impose some
> restriction -- minimum wage or pollution control . which in the end
> works toward the benefit of the class as a whole.
>
> I don't know of another case in which the leadership of a country seems
> to have recognized the usefulness of such an approach.
In the US, due to the experience with largely unregulated financial
markets at the start of the Great Depression and the fears generated
by the Depression itself and the popular movements (of both the left
and the right) that it generated, capitalists favored the imposition
of a complex system of financial regulation and deposit insurance. It
served not only the long-term benefits of the financial capitalists,
but also the industrial capitalists, who are dependent on having a
stable financial system.
--
Jim Devine
"Those who take the most from the table
Teach contentment.
Those for whom the taxes are destined
Demand sacrifice.
Those who eat their fill speak to the hungry
of wonderful times to come.
Those who lead the country into the abyss
Call ruling too difficult
For ordinary folk." – Bertolt Brecht.
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