Regarding bailout of US financial system, a question has occurred everywhere. How could a promoter of capitalism take a policy that only occur in socialism. Why don’t US government leave all of the problem to market mechanism? If capitalism is analog to a religion, this policy is analog to apostasy.
Long before, there was a prediction that in advanced capitalist societies, there would be a policy to assure that more resources flow to the riches than the poors, and capitalist political economy toward large corporations will allow them to privatize profits and socialize losses. The summary is “Socialism for the rich and capitalism for the poor.” Andrew Young and Martin Luther King Jr. had stated this in many occasions of their speeches. Noam Chomsky criticized application of free market, he argued that this system imposes more risk to lower class. He cited that, “the free market is socialism for the rich—[free] markets for the poor and state protection for the rich.”
This is so ironic in my eyes. If US actually committed “apostasy” from capitalism, is this system strong enough to face challenges in near future? Many enterprises promoted free market across the world, but when this situation comes, they demand governments to grant protection.
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