Is Capitalism Broken? Does the American Economy need Fixing?
The Economist magazine originates in England and is published in six countries. It offers a geniune foreign perspective of world economics and political wrangling. I enjoy reading it.
This recent article is an excellent perspective on American capitalism and the economic recession that the United States and the world are experiencing right now. You can find the complete read at the Economist.com:
May 28th 2009
From The Economist print edition
In his zeal to fix capitalism, Barack Obama must not stifle America’s dynamism
The economist makes an excellent point, when they state: “Its broader economy remains an astonishing Petri dish of creative destruction. Even in boom times, 15% of American jobs disappear each year.”
Yup, America, land of opportunity, entrepreneurship, venture capital, bankruptcies, education, winners and losers. The horse and buggy whip heyday, album and turntable heyday, CD and DVD heyday days are over. They're replaced with new technologies and ideas. The 1,000s of jobs that go with those industries are gone, too. Time to reinvent. Time to move on.
Our economy is ever changing. We can deny it and try to change it or we can accept the engine of the world’s prosperity. But I believe that smoothing it out and leveling it off will have profound effects on the world economy and people around the globe. It will slow worldwide economic growth and leave millions in poverty.
I say let's resist the urge to smooth the drama of America's creative economic engine. Let the big dawg hunt and continue to haul the world forward into economic and social prosperity.Michael Ritsema i3 Business Solutions, LLC