Tuesday, January 4, 2011

Why are poor people trying to help bankers avoid governmental restraint

Francis Fukuyama, a noted historian, raises the question of how accurate it is to consider America a plutocracy (rule of the wealthy) and whether the undeniable greater access to governmental power the wealthy have, is sufficient to explain the situation wherein many of the people hurt by the banking collapse in 2008, in fact seem to be supporting programs and policies that now benefit the banks and hurt themselves. That is his topic in an article in the American Interest, a resource I only just became familiar with, and which now I highly recommend. The ending is a bit disappointing in that he is forced to assess the situation as puzzling. It is still an enormous help to have someone outline the problems so nicely AND, his assessment of the role of economists themselves in these events is something I had not thought of at all. Fukuyama's article is entitle"Left Out," a multiple layered pun.

No comments: