The future is uncertain! During the last depression, capitalism was saved by the rule of law and regulations based on a progressive agenda. Progressives are not screaming radicals seeking to change the system, but reform it. Separation of powers has been the traditional American way of dealing with concentrations of political or economic power. Under the Constitution, we see power being divided among Congress and the judiciary and executive branches. In economics, the Sherman Antitrust Act sought to break up businesses that grew so big that they controlled a major portion of the market. Progressives would reason that if they are too big to fail, they are too big to exist. Citibank's and AIG's worldwide economic power would have been regarded with horror. While not formally Progressive, tariffs were enacted to prevent the US from being subjected to economic imperialism by Great Britain. Tariffs are intended to prevent more developed countries from dumping their product on a developing country to prevent industrial or other forms of development. It was also designed to give us a dependable independent internal market for agriculture and industrial product within the country. National, and not international, markets were valued.
However, since we no longer have the protection of tariffs, and "free trade" is destroying the "middle-class" lifestyle of the American worker and developed countries, we are developing into a two-class system of the very rich and the working poor. Class warfare has been started by the wealthy, and it would not be surprising if the working poor defended themselves with other economic systems. Since both of the major political parties support "free trade," both parties will suffer because of the "Free Trade" Depression.
Pervis James Casey
Mar 9 2009 - 4:51pm