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Yesterday there were the following two headlines in ElPais.com:

The economic crisis undermines the Egyptian transition: Tourism has collapsed and economic activity has slowed down after the January 25 revolt

Tourism in Tunisia collapses after the jasmine revolution: GDP drops, unemployment rises and foreign investment slows down

The narrative being set is delightful. But of course, for the last decade they're not bothering any more to sell capitalism with the argument that democracy needs capitalism to function. Soon they'll be arguing that capitalism needs authoritarian government. As Kalecki said in 1943:

One of the important functions of fascism, ..., was to remove capitalist objections to full employment.


Economics is politics by other means
by Carrie (migeru at eurotrib dot com) on Sun Jun 26th, 2011 at 04:48:43 AM EST
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