Chomsky on the financial crisis and the myth of capitalism

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Ben Cohen
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By Ben Cohen

An interesting observation by the prescient Noam Chomsky:

First, we should be clear about the fact that capitalism can't end because it never started. The system we live in should be called state capitalism, not just capitalism. So, take the United States.  The economy relies very heavily on the state sector. There is a lot of agony now about socialization of the economy, but that is a bad joke. The advanced economy, high technology and so forth, has always relied extensively on the dynamic state sector of the economy. That's true of computers, the internet, aircraft, biotechnology, just about everywhere you look.  MIT, where I am speaking to you, is a kind of funnel into which the public pours money and out of it comes the technology of the future which will be handed over to private power for profit. So what you have is a system of socialization of cost and risk and privatization of profit. And that's not just in the financial system. It is the whole advanced economy