13/02/2009 9:14:54 am
Capitalism Has Died at Least Ten Times. PJ O′Rourke had a fabulous column in the FT the other day:

"The free market is dead. It was killed by the Bolshevik Revolution, fascist dirigisme, Keynesianism, the Great Depression, the second world war economic controls, the Labour party victory of 1945, Keynesianism again, the Arab oil embargo, Anthony Giddens′s ′third way′ and the current financial crisis. The free market has died at least 10 times in the past century."

Regarding what Adam Smith would say, he points out that he would laugh too much to say anything. Every time, capitalism has returned stronger. And he quotes Smith as he responds to all the misunderstandings and harmful policy responses to the current crisis.

Read the article here - >