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Democratic capitalism vs. binary economics.(Cover Story)
Keith Wilde [*]
Capitalism needs democracy as a counterweight because the capitalist system by itself shows no tendency toward equilibrium ... Financial markets are inherently unstable... George Soros, 1998
Soros' arguments in support of this thesis are compelling. [1] They are an urgent reminder that maintenance of civilization requires vigilance and concerted effort. Soros fears that "political developments triggered by the financial crisis may eventually sweep away the global capitalist system itself. It has happened before." Marx and Engels gave a very good analysis of the capitalist system 150 years ago, says Soros-"better in some ways than the equilibrium theory of classical economics." We believe that the financial innovation created by Louis Kelso and expounded with Mortimer Adler in The Capitalist Manifesto [2] (with details in The New Capitalists) may be the best available instrument for preserving the open society that is essential to a stable and democratic capitalism.
1. Problem
The innovation has not been applied with the universality envisaged by Adler and Kelso. Even more surprising is that economic and political analysts appear to have made very little response to a technique which has major implications for their domains of interest. Why has it not been more widely discussed in the social disciplines?
2. Hypothesis
The communications strategy developed by Kelso and his closest allies does not address the relevant disciplinary communities in a language or at a point of entry that engages their stream of discourse. When Kelsonian meets economist they talk past each other, because they have not really met on the same playing field. A brilliant innovation in economic policy, backed up by expertise in financial and legal principles, has been side-tracked by promoting it as an innovation in economic theory.
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