john.thornhill@ft.com on ‘Creative Destruction’ of a sort. Old Socialist comments

Has this newspaper moved to The Left, with Covid-19 as its goad? Schumpeter’s ‘creative destruction’ ,that Mr. Thornhill makes the centerpiece of his intervention, in the face of the massive, and largely unsupervised bail-out of American Capital, passed by both Houses of Congress, is somehow an expression of that ‘creative destruction’? After the passage of this legislation both houses of Congress adjourned. 

The question that Mr. Thornhill never addresses is exactly which Capitalist enterprises  will experience that hallowed ‘creative destruction’?  

Extensive quotation of The Great Man Kissinger : 

Henry Kissinger, the grand old man of US strategic thinking, has argued that the latest crisis is triggering a political and economic upheaval that could last for generations. “Nations cohere and flourish on the belief that their institutions can foresee calamity, arrest its impact and restore stability,” he wrote last week.

“When the Covid-19 pandemic is over, many countries’ institutions will be perceived as having failed. Whether this judgment is objectively fair is irrelevant. The reality is the world will never be the same after the coronavirus.”

Always hedging his bets, The Great Man opines that‘Whether this judgment is objectively fair is irrelevant.’  Kissinger Associates’ clientele are the very persons, and institutions, that will be rightfully blamed, as they were all co-conspirators in the Neo-Liberal Swindle: that sent Manufacturing jobs overseas, in the name of  cheap labor, and greater profits. Thus exacerbating the Covid-19 Pandemic, and the dire need for Respirators, and other vital material, that is stunningly obvious!

The return of The Welfare State, in its various iterations, and its political corollary the return of the shared fate of civic virtue, is a fait accompli! 

Mr. Thornhill makes a valuable contribution, in his link and brief quotation from  The Enlightened Economy, Prof Mokyr. The contribution offered by Tim Rogan’s ‘The Moral Economists: R. H. Tawney, Karl Polanyi, E. P. Thompson, and the Critique of Capitalism’ is an invaluable contribution to this debate! 

https://press.princeton.edu/books/hardcover/9780691173009/the-moral-economists

The dynamism of the market’ is the purest mythologizing. The largest and richest Corporations hold massive profits overseas:

Fortune 500 Companies Hold a Record $2.6 Trillion Offshore

Old Socialist 

https://www.ft.com/content/6d944c62-77f0-11ea-af44-daa3def9ae03

 

 

About stephenkmacksd

Rootless cosmopolitan,down at heels intellectual;would be writer. 'Polemic is a discourse of conflict, whose effect depends on a delicate balance between the requirements of truth and the enticements of anger, the duty to argue and the zest to inflame. Its rhetoric allows, even enforces, a certain figurative licence. Like epitaphs in Johnson’s adage, it is not under oath.' https://www.lrb.co.uk/v15/n20/perry-anderson/diary
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