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Monday, May 01, 2006

Why Europe Should Reject U.S. Market Capitalism - by William Pfaff

Paris -- The specter of Anglo-American market capitalism dominated France's student unrest in March and April, and motivated popular rejection in France a year ago of the proposed new European Union constitution.
The election that has just given Italy a fragile center- left coalition, and recent conflict in German industry, involved the same question: how to remodel national economies, or whether to remodel them at all.
Advocates of the new model capitalism, and the globalization project that goes with it, like to present it as an expression of historical necessity, rooted in classical economics and embodying irrefutable laws. It is progress itself, they say. Those who do not conform to the rules of modern market capitalism, and do not offer the human sacrifices of lost employment and diminished living standards that the market demands, will fall by the wayside of history.
This is simply untrue, although most of those who say it undoubtedly believe it.


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