The Economic Lessons We Haven’t Learned Yet

(Via Instapundit, as are all things) Walter Russell Mead lists the top 10 lessons of the global economic meltdown.  All the lessons are completely reasonable, and sometimes painfully obvious. And all the world’s governments will do their level best to ignore them all until they’re absolutely dipping under the waves for the third time. Some examples:

2.  Liberal capitalism works.

If half the world’s commentators and pundits spent the last 18
months announcing the collapse of American power, many of the rest
spent their time hailing the death of the American capitalist model:
Piratical ‘Anglo-Saxon’ capitalism was obviously less effective than
the more civilized, more humanistic model of, say, Europe.  Wrong
again.  The crisis did what crises usually do: it tested the world’s
companies, governments and currencies to see what they were made of. 
The preliminary results of that test are now in, and the United States
again looks surprisingly healthy.

3.  The rogue states are parasites.

It may seem unkind or gloating to say so, but the point needs to be
made: the pathetic pretensions of regimes like the ones in Iran and
Venezuela to some kind of world leadership have been cruelly exposed. 
The governments of these countries are parasites on the global economy
and far from representing alternatives to the global model, they are
entirely dependent on capitalist success.

4.  The old left is dead.

Not even a global economic crisis can breathe new life into the
world of Marxian socialism.  Not only have most European countries
moved to the right since the crash; the developing world has not seen
any serious revival of ‘proletarian socialism’ in response to hard
times.  The world’s surviving ‘communist’ regimes continue to hold
power by claiming credit for the successful management of increasingly
capitalist economies.

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