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The Crisis of Capitalistic Democracy - Essay Example

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The Crisis of Capitalistic Democracy The Crisis of Capitalistic Democracy Posener’s book The Crisis of Capitalistic Democracy is an average glimpse into the macroeconomics of America. Unlike the book previously written by Posner, he has failed to make a hit with this book…
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Download file to see previous pages The most evident and apparent thing about the book is Posner’s acceptance of the Keynesianism, where he expresses that although the Keynesian Economics is to be constructed upon the idea’s of Keynes, the practitioners in the field of economics has reshaped the ideas. It is also notable that the previous book he wrote is based on the failure of the capitalism, yet Posner staunchly believes in capitalistic approach and appears cautious of the free markets. Posner suggests reformation of the policies that seem rational and an interesting element. Thus, Posner concisely states in his book that the existence of market economies is the reason for the depression in the economy, therefore, the only solution to the current scenario is to let the government curb the depression with its sensible and well analyzed polices. What may be arguable here is that a person who staunchly believes in capitalism has suggested his own perspective of controlling an economy keeping in mind the benefits that a capitalistic market offers. However, the benefits of market economy are largely ignored by Posner in the book (Ferguson, 2010). The condition unanimously requires to be dealt with, in order to curb the economic dip. But it must not be forgotten that throughout history the countries that were under the capitalistic economies switched to the Market economies; thus, it may be noted that the government has always taken advantage of the authority when given control of the economy as a whole. Therefore, I believe that the economies do not need a switch rather a change should be brought in the existent policies. In my perception, the capitalistic approach would hinder the competency levels in the market and, as a repercussion, the quality of the products and services will reduce. Therefore, if the economy is bad today it will be worse tomorrow (Ferguson, 2010). I believe that Judge Posner has tried to present a reform that is more demanding in its form and structure. He clarifies in his book: “Campaign contributions – insulated in the name of the Constitution by a conservative Supreme Court from effective limitation – make the legislative system one of quasi-bribery. Modern communications technology and marketing techniques, along with the expense of modern elections, amplify the influence the interest groups, especially their influence in blocking change. The short electoral cycle (major federal elections every two years) truncates the government’s policy horizon” (p. 384). He apparently suggests here that our economy must re-establish Glass-Steagall in order to rebuild the financing regulatory agencies and to re-shape the Credit Rating Agencies. However, these policies are rigid in nature and are difficult to implement. Moreover, Posner has managed well to point out certain short-comings but in its wake has forgotten to realize that political norms are not stagnant and permanent. He ignores the other existent possibilities of funding a campaign through public funds as an alternative to private funds. There are functional congressional bills that will aid in the provision of the alternative preferences such as Fair Elections Now Act (Ferguson, 2010). Nevertheless, Posner is correct in highlighting the mitigating factors that lead to the great depression. He mentions that crisis worsened after permitting Lehman Brothers to fail. This led to succeeding administrations response that ...Download file to see next pagesRead More
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