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Conventional Wisdom was a term coined by the elder Galbraith, whose last book was called The Economics of Innocent Fraud and which was precisely about the conventional wisdom of the serious people.
One of the many "frauds" that he says capitalism foists on us is that of "accepted fraud", whereby shareholders in a company are deluded into thinking they actually own it and therefore have a say in how it is run. I couldn't help thinking about "our" stake in the Royal Bank of Scotland. We taxpayers bail it out and to all intents and purposes now "own" it, as the Government keeps reminding us, yet I've never been asked what direction I think "my" company should take; have you? Another "fraud" highlighted by this great economist, who died in 2006 at the age of 98, is the division of labour and the wonderful contradiction it produces: "work is thought essential for the poor; release therefrom is commendable for the rich."


Of all the ways of organizing banking, the worst is the one we have today — Mervyn King, 25 October 2010
by Carrie (migeru at eurotrib dot com) on Wed Dec 8th, 2010 at 07:00:51 AM EST
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