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View Diary: Economics Part 1: American Capitalism - an overview (13 comments)

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  •  It Was Also a Dangerous System From the Minute (4+ / 0-)
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    Lefty Coaster, cdreid, debedb, aufklaerer

    the framers handed us the keys. My suspicion is that ours is a system almost totally conceived for the primitive agrarian economy, but at the time of ratification that economy had already branched out too far into trade and manufacture for the system to cope.

    Some of the framers were very worried about the threats of aristocratic wealth concentration, and some realized the potential for trade and manufacture to be the engine that could make that happen. But they didn't construct the Constitution with mechanisms that could protect against it.

    I very quickly found this list of economic crises. I don't know how accurate or complete it is, but I do recognize some from the history I know.

    The Panic of 1819
    Panic and Depression 1832
    Panic and Depression 1836
    Six Year Depression 1837-1843
    The Panic of 1857
    Panic and Depression 1869-1871
    The Panic of 1873
    The Panic of 1893
    The Panic of 1901
    Panic and Depression of 1929

    We are called to speak for the weak, for the voiceless, for victims of our nation and for those it calls enemy.... --ML King "Beyond Vietnam"

    by Gooserock on Wed Mar 30, 2011 at 06:28:26 PM PDT

    •  I'm of the opinion (2+ / 0-)
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      Ultranaut, aufklaerer

      (and purely opinion) that they were most worried about the effects of corporatism as they had experienced them. I think the framers believed that "gentlemen of repute" would continue to rule and that they couldnt have concieved of a time when ones lack of morality and integrity would be seen as a badge of electability. Or a time when not being slightly corrupt and in the pockets of the plutocrats would be seen as a sign of unelectability. Or most of all that you could literally, openly, and legally buy elections.

      A man is born as many men but dies as a single one.--Martin Heidegger

      by cdreid on Wed Mar 30, 2011 at 07:14:47 PM PDT

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    •  By the way id love (1+ / 0-)
      Recommended by:

      for you, leftycoaster (and about 10 kossacks i can think of offhand) to write and publish for the economics group. The only people i DONT want publishing within the group are the ignorant dlcers and wall street apologists.

      A man is born as many men but dies as a single one.--Martin Heidegger

      by cdreid on Wed Mar 30, 2011 at 07:16:48 PM PDT

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