10 May 2011

SP 500 and NDX Futures Daily Charts - Self-Consuming Capitalism

“And the British political economist Fred Hirsch generalized the point:  once a social system, such as capitalism, convinces everyone that it can dispense with morality and public spirit, the universal pursuit of self-interest being all that is needed for satisfactory performance, the system will undermine its own viability, which is in fact premised on civic behaviour and on the respect of certain moral norms to a far greater extent than capitalism’s official ideology avows.”

Rival Views of Market Society and Other Recent Essays, pg 156