Shock (me with your ignorance of) Capitalism
Wow. Naomi Klein may have written the single most illogical and confused book since...well, since THIS intellectual indignity was foisted on an unsuspecting world.
Hot tip: Invest in "Disaster Capitalism." This new investment sector is the core of the emerging "new economy" that generates profits by feeding off other peoples' misery: Wars, terror attacks, natural catastrophes, poverty, trade sanctions, market crashes and all kinds of economic, financial and political disasters.
In this Orwellian future, everything must be seen with new eyes: "Disasters" are "IPOs," opportunities to buy into a new "company." Corporations like Lockheed-Martin are the real "emerging nations" of the world, not some dinky countries. They generate huge profits, grow earnings. And seen through the new rose-colored glasses of "Disaster Capitalism" they are hot investment opportunities.
To more fully grasp this new economy, you must read what may be the most important book on economics in the 21st century, Naomi Klein's "The Shock Doctrine: The Rise of Disaster Capitalism" ...
Another. By Joe Stiglitz. He must be in love, because he certainly doesn't actually review the book. Why give her a pass like that? Say it ain't so, Joe!
Excerpt: Klein is not an academic and cannot be judged as one.
I think Prof. Stiglitz means that this idiotic book cannot be criticized for misusing evidence, or ignoring logic. I disagree, actually: evidence and logic are also useful in arguments made outside the academy.
Here's the thing: essentially every example she gives, EVERY example, shares one thing: They are all bad actions by government. This is a critique of capitalism...how?
Milton Friedman, and the Chicago School, and Buchanan/Tullock and the Public Choice school, share on very important tenet, one core belief. And that is that powerful governments will be dominated by powerful economic interests. Interest groups capture regulatory agencies, and financial interests come to control money supply growth and bailouts.... BUT ONLY IF: (and that's a big "if")
ONLY IF the government tries to micro-regulate firms, and if the government tries to control the money supply and offer risk buyouts like FDIC and "too big to fail" safety nets. It's the solution that's the problem. If government doesn't try to manage money supply growth, then financial interests can't bribe the government to control money to their advantage.
All of the problems in "Not Dr." Klein's book are of a piece: government goes to war, government uses tsunami to redistribute property, etc. It is the conceit that government can do good that leads to us giving it too much power. And, a government powerful enough to give Naomi Klein everything she wants is powerful enough to take everything she has.