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View Diary: Book Review: Kevin Phillips' "Bad Money" (143 comments)

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  •  Karl Maex (5+ / 0-)

    Maybe he was more right than we were taught!

    •  Maex? Never heard of him. (2+ / 0-)
      Recommended by:
      melvynny, historys mysteries


      Had to do that.

      An eye for an eye and the whole world will be blind.

      by rini6 on Sun May 25, 2008 at 07:31:55 AM PDT

      [ Parent ]

    •  Karl Marx (3+ / 0-)

      My typing sucks--but it's better than my proof reading skills.

    •  His critique of capital was brilliant (4+ / 0-)
      Recommended by:
      melvynny, opinionated, Simplify, Jbeaudill

      That the revolutionary alternative that grew up in his name was an oppressive failure  should never have been allowed to obscure how accurate his economic analysis was.  Of course, if  the accuracy of his critique had been acknowledged, people would have continued to challenge the power of concentrated capital, and developed alternatives other than his "dictatorship of the proletariat".

    •  Also St Augustine (0+ / 0-)

      According to St Augustine, Roman power (and certainly prestige) derived from the fact that they put the common good over all. Because of the virtues of the ancient Roman Republic (which produced men like Cincinnatus and Cato), he said,  the Romans had been given "excellentissimi imperii" as a reward for:

      the virtues by which they pursued the hard road which brought them at last to glory ... They disregarded private wealth for the sake of the common wealth. They stood firm against avarice, gave advice to their country with an unshakable mind and were not guilty if any crime against the laws, nor of any unlawful desire. [City of God, Book V chapters 15 16 & passim]--quoted in Anthony Pagden Lords of All the World(1995), p. 30

      There are good reasons usury was banned and greed has been condemned for millennia; and though it may be unworkable to check them completely, a case can still be made for firm control through regulations, taxation, and other social institutions. To do otherwise is to court perpetual instability and social & moral  ruination, as we are seeing now.

      Sometimes the same lessons have to be learned generation after generation.

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