THE REAL IMPACT OF THE MELTDOWN

University of economics professer - and monthly guest on our program - Mark Thoma has an excellent post which discusses how the United States has mishandled both markets and democracy since the economic meltdown began. The impact this is having around the world, as was the case in the 1930s, is not good. Professor Thoma quotes Nobel laureate, Joseph Stiglitz:

The economic crisis, created largely by America’s behavior, has done more damage to these fundamental values [democracy & capitalistm] than any totalitarian regime ever could have. ...

For those of you who have read my book, or taken my International Relations (PS 304) or International Political Economy (PS 404) classes, the argument will not surprise you: Hypocrisy in the face of failure does much to undermine your ideals.

You can read the entire post, with links to the Stigliz piece, here.

- Mark