The Future of Everything

September 25, 2008

Disaster socialism

Filed under: Uncategorized — David @ 6:32 pm

The U.S. has been accused of practicing disaster capitalism in other countries such as Russia and Iraq – i.e. they exploit social and economic disasters to impose an extreme version of free-market capitalism (see The Shock Doctrine by Naomi Klein).

At home, though, it apparently works in reverse. They wait for unregulated financial markets to blow up of their own accord, and then they nationalise the banks and insurance companies and risky assets. In other words: disaster socialism.

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