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When Judge Richard Posner, the prolific conservative intellectual, released his book "A Failure of Capitalism: The Crisis of '08 and the Descent Into Depression" last year, you might have thought the final verdict was in: Capitalism caused the economic downturn and high unemployment.
That this verdict was pronounced by someone like Posner, who is associated with the University of Chicago and the free-market law and economics movement, gave moral support to all the politicians who were intent on exploiting the recession (as they exploit all crises) to increase government control of the economy.
But what exactly is this "capitalism"...
Let's Take the "Crony" Out of "Crony Capitalism"
It was tried by the first Bible believers in New England. The rule came soon. Those that would not work should not eat.
Tolstoy, devoutly Christian, tried it. Peasants walked off with his horses. The Shaker community tried it. Their numbers swelled, every Winter, as people said they believed, but the stringent rules that came with the communism were intolerable to the newcomers and when the weather got warmer they relented and left.
Socialism doesn't work. The most successful Socialist nations are using taxes to make life beautiful, but have those taxes available because the USA is financing the major portion of...