The Economist, usually a pro-capitalism, pro-business publication, blames bankers for defaming the good name of capitalism.
In a Nov. 15 commentary about capitalism’s increasingly negative reputation, the classical liberal magazine said that nearly half of Americans have a less-than-positive view of the term, and associate it with financial capitalism and greedy banks.
While most people do like the underlying elements of capitalism – competition, private property – those ideas no longer come to mind when people think of capitalism, the article said.
And, the authors wrote, “when governments and central banks are forced to step in to rescue the titans of finance, the idea of a free market also goes out the window.”
Their concern, of course, is that a general aversion to the idea of capitalism will lead voters to back harmful, anti-business politicians.
And this, they say, is all the doing of the big bad guys on Wall Street: “Somehow, capitalism, for want of a better word, must be rescued from the bankers.”