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Thursday, May 28, 2009

Socialism and the Boom/Bust Cycle


“A persistent complaint against the capitalist system of competitive private enterprise is that it leads to periodic booms and busts. The implication is that businessmen either want to promote depression or that they are powerless to prevent it. Further implied is that some other system–invariably a form of socialist intervention–would stimulate continuous growth and progress and feature automatic stabilizing devices to offset and forestall any threatened depression.” –Paul Poirot

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