In a new TIME column that contends capitalism needs to be “fixed,” it’s pretty clear that the changes author David Rothkopf seeks have nothing to do with capitalism:
Today’s contest is not so much between capitalism and another ideology but between competing forms of capitalism. The financial crisis, growing inequality and faltering economic performance in the U.S. have tarnished American “leave it to the markets” capitalism, which is being challenged by “capitalism with Chinese characteristics,” eurocapitalism, “democratic development capitalism” (India and Brazil) and even small-state entrepreneurial capitalism (Singapore, U.A.E. and Israel). All these models favor a more significant role for the state in regulation, ownership and control of assets.
Perhaps Rothkopf should spend a few hours perusing Tom Palmer‘s The Morality of Capitalism to get a better idea of what capitalism really means.
