This post is by Om Malik from On my Om
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The threat to America is this: we have abandoned our core philosophy. Our first principle of this nation as a meritocracy, a free-market economy, where competition drives economic decision-making. In its place, we have allowed a malignancy to fester, a virulent pus-filled bastardized form of economics so corrosive in nature, so dangerously pestilent, that it presents an extinction-level threat to America – both the actual nation and the “idea” of America….The peril gravely putting our nation at risk of failure is Crony Capitalism. I make this observation as an unabashed capitalist.
This is one of the smart reads. Barry Ritholtz piece is a reminder of the times when America used to mock other third world economies. Growing up in India in the 1970s and 1980s, all I remember is a sense of despondency among those who were people of ideas and innovation.