Sublime

to participate in the great decisions of government. There was, Lippmann brooded, no “intrinsic moral and intellectual virtue to majority rule.” Lippmann’s disenchantment with democracy anticipated the mood of today’s elites. From the top, the public, and the swings of public opinion, appeared irrational and uninformed. The human material out of

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the Marshall Plan

Henry Simons was the source of Minsky’s lifelong interest in finance, as well as the idea that the fundamental flaw of modern capitalism stemmed from its banking and financial structure. Minsky took the lesson that capitalism could be stable if, first, large-scale capital investment were owned and financed publically rather than privately and,

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Aus all dem ergab sich die erste Expansionsphase der westlichen Zivilisation in den Jahren 970 bis 1270 n. Chr. Gegen Ende dieser Periode verknöcherte die Organisation der Gesellschaft zu einer Ansammlung bestimmter Sonderinteressen, es kam zu weniger Investitionen, und die Expansionsdynamik begann abzuflauen. Dementsprechend geriet die westliche

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The Clinton administration, led by Lawrence Summers, signed into law the Financial Services Modernization Act of 1999, which ripped down the firewalls that had been established by the 1933 Glass-Steagall Act. Designed to prevent the kind of meltdown we are now experiencing, Glass-Steagall established the Federal Deposit Insurance Corporation. It

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