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The Future of Capitalism

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Posted on March 19 2010 5:00 pm
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by Jacob Laksin

[Editor’s note: Amidst a global financial meltdown and an increasingly activist federal government in Washington, it’s become fashionable to assert that the days of free-market capitalism are numbered. Despite the historical failure of governments based on his theories, Karl Marx is suddenly in vogue as the voice of economic reason. On his new website, FutureOfCapitalism.com, Ira Stoll surveys the economic scene and finds that the conventional wisdom is wrong: reports of the death of capitalism are very much exaggerated, while the causes of the current economic downturn are often misunderstood. The author of Samuel Adams: A Life, Stoll was vice president and managing editor of The New York Sun, which he helped to found. He lives in New York City. Ira Stoll joined Front Page to discuss the roots of the economic crisis, Friedrich Hayek’s legacy, the illusions of ObamaCare, and much more.]

FPM: How did you get the idea for the site and what do you hope it will accomplish?

Stoll: The closing months of the New York Sun were some of the most dramatic months of the financial crisis, and, at the time, the paper’s editorial stance on the Bush administration’s actions was quite an unusual one. Senators McCain and Obama, Secretary Paulson, Speaker Pelosi, President Bush, the Wall Street Journal, the New York Post, Mayor Bloomberg, Senator Clinton, and Rep. Barney Frank all supported TARP. The New York Sun opposed it with editorials like this one. While other papers were cheering on the administration’s seizure of Fannie Mae, which Secretary Paulson has since conceded was an “ambush,” we were opposing it with editorials like this one and this one.

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