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Interesting argument, but there is actually nothing about capitalism that precludes substantial government involvement nor has there ever been, Austrian School ideology notwithstanding.  Marxist theory views government subsidy and welfare systems as critical elements to sustaining what would be an unsustainable system if left to private interests entirely And there is no period in capitalist history where government intervention and support for capitalist social structures has been absent or small.  The nation state itself is a capitalist development according to most historians. So I think, if anything, the current crisis shows that capitalism is alive and well in the world and will be so for the forseeable future.
by santiago on Mon Jan 26th, 2009 at 11:55:16 AM EST

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