Two Capitalisms
The EU has more colorful currency, longer paid vacations, Euro-porn...and now European governments are more efficient at bailing-out banks? Even an American expat thinks the way ROK handled its credit card crisis in 2000 is a role model for the US!
Michael van der Galien argues:
I do not believe that the market will not be able to overcome the current crisis. Of course it will be able to deal with it; it's just that millions of lives will be destroyed if the government doesn't help the market deal with this problem. The market can deal with it, but against a terrible price.
(...)
Then again, the ideological or political battle taking place in Congress and outside of it is very real indeed. What you can see is a difference in approach to government. Some more pragmatic, some more ideological. Some relying on the government to help society deal with the most serious problems, others relying on the market to deal with those problems, and again others who want to protect 'Main Street' but not Wall Street (as if the two can be separated that easily).
I'm glad, or will be glad if neo-liberal market fundamentalism in development strategy dies at quick death as a result of this Wall Street pity party. But, I still believe, for better or worse, the US will remain a more market-oriented society than the EU. Still, it will be harder to convince others of the benefits of market wisdom after this crisis clears years from now. Americans will have to work harder to spin their belief in pure capitalism.
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