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Why Do We Keep Indulging the Fiction That Banks Are Private Enterprises? « naked capitalism
Ambrose Bierce, in The Devil’s Dictionary, described a partnership as “When two thieves have their hands so deeply plunged into each other’s pockets that they cannot separately plunder a third party.” Pointing out that banks are de facto partners of the state, enjoying substantial privileges (that unlimited checkwriting on official coffers when things go bad, the ongoing subsidies, the lavish private sector pay) without commensurate duties opens a huge can of worms. It goes beyond the usual, relatively anodyne “privatized gains and socialized losses” and opens up the terrain of “What do we mean by private enterprise?” Part of the American ideology is that there is a hard line between government and business. But entire industries suck off the state with far too few strings attached. The black/white distinction is illusory; what we instead have is a gradient.
banking  private  enterprise  business  government  regulation  boundaries  double-standards  power 
september 2010 by tsuomela
Culture of Enterprise - Home
Influencing current and future world leaders through books, articles, and scholarship that promote a greater appreciation of the cultural foundations of free and humane markets.
markets  capitalism  economics  morality  ethics  philosophy  culture  enterprise  business 
january 2010 by tsuomela

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