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View Diary: Open thread for night owls: Market didn't redistribute wealth upward, it was 'deliberate' policy (58 comments)

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  •  It actually took nearly a century after (6+ / 0-)

    the founding for our economic system to produce mass inequality. It was the end of Reconstruction and the buying out of both parties by big money that allowed it to happen. I don't think that any of the founders, Jefferson included, foresaw how bad it would get, or approved--including Hamilton. Certainly not Gallatin. The system worked well until then. It wasn't capitalism or even mass industrialization or high finance that did it, but the deliberate effort to buy out politicians by big money, to tilt things in its way. Same thing in the 20's and since the 80's. The problem isn't capitalism, but a lack of proper regulation of it.

    Capitalism is just a tool for certain ends, good or bad.

    "Liberty without virtue would be no blessing to us" - Benjamin Rush, 1777

    by kovie on Sun Mar 17, 2013 at 09:02:37 PM PDT

    [ Parent ]

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