by Nick Hubble, Daily Reckoning.com:
The Occupy Wall Street movement and most of academia love to wail about the evils of capitalism. Economist Richard Duncan reckons it’s a bit late for that. About 100 years too late.
Capitalism died a grisly death in 1914 and 1939. What makes Duncan’s take unique is how he sees its replacement. It’s called ‘Creditism’.
But first, how did Capitalism fall? It fell when America entered into the two World Wars. The government intervened heavily in the US economy to mobilise and fund the war effort. Like all of the government’s temporary measures, they turned out to be permanent. The US economy never returned to normal. Ever since, war and Capitalism’s replacement seem to be inextricably linked.
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