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October 07, 2017


Peter K.

"Nor can one possibly forget the shock of the financial crisis or the stagnation in productivity that followed it."

Apparently Wolf can.

"Last, it must understand that the private sector, foreign as well as domestic, must play a leading role in the economy."

Yes the private sector did such a wonderful job with the epic housing bubble and financial crisis.

There are also incentives for the corporate media to lie about capitalism and warp the culture.


This is all reasonable, but how would it be different in a nationalized industry? Don't agency problems apply to managers of publicly owned businesses?

Cooperatives are actually legal: they are just not very popular.

I think one could make the case that the financial system (as well as any government) really exists to trick people into taking risks they don't want to take but that we have to take to have a wealthy society. Pretending houses are safe assets gives us more houses overall...


Cooperatives, especially in agriculture, were and are quite popular in Portugal after the 74 revolution and the cooperative sector is recognized in the constitution as a pillar to our "construction of socialism" although these were little more than voie words written in the revolutionary fervor, as seen nowadays. Anyway the problems that arised from the cooperative sector here would be enough for a dozen of pessimistic posts of yours. Maybe also in Venezuela you will find a newer hub of exciting examples of cooperatives? People can form cooperative everywhere in the world but we somehow we don't. I would really like to dig further, if you could provide links to successful cases it would be good to provide when you make a case for it.


I enjoy this blog very much. Would appreciate, if you have time, some suggested reading that you think is worthwhile.

Luis Enrique

How does Corbyn plan to put power in the hands of the people?

gastro george

"Cooperatives are actually legal: they are just not very popular."

There are enormous financial barriers that prevent cooperatives being successful, but also true for a lot of SMEs.

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