Chomsky: Current crisis demonstrates anti-democratic nature of financial system

[originally posted on Dandelion Salad on

Sent to DS from Joel from The Real News Network

Chomsky on the economy


Noam Chomsky: Current crisis demonstrates anti-democratic nature of financial system

In part two of their interview, Paul Jay asks Prof. Noam Chomsky to weigh-in on the dominant subject of the day, the economic crisis. While Prof. Chomsky agrees that the current crisis is a very serious one that will have broad implications for the broader society, he points out that the foreseeable Medicare-induced economic crisis will “dwarf” the current one in magnitude.

With the current credit freeze in U.S. financial markets Chomsky is interested in George Bush’s perspective, seeing his mentality as the source for the financial crisis.  Chomsky interprets Bush’s proposal, “We hate democracy, we don’t want the public to be involved in decisions about things.  We want to go back to the profit motive, meaning that a private tyranny….should look out for itself, not for the public interest.”

While on one hand, state-restricted markets are democratic by design in that they allow people to take control-through their government-of financial institutions to force them to include externalities and risks to the broader population in their decision-making. The other hand is that these factors are such that profit-seeking enterprises will not accommodate them when left to their own volition, given that free markets do not put a price on these externalities.

“Do we want private concentrations of power to make decisions for their own benefit or do we want the public to be concerned to make decisions for the public welfare?” Chomsky says this is the question we as a country need to answer in order to return to an effective democratic process, especially in light of the current financial crisis.

You can find complete coverage of this story and part 1 of this story on our website: http://therealnews.com/c.ph…

See also

Chomsky: Pick the lesser of two evils

The Financial Crisis 2008 Interview with Noam Chomsky

Chomsky: If I were in a swing state, I’d vote for Obama

Anti-democratic nature of US capitalism is being exposed by Noam Chomsky

Noam Chomsky: The United States Has Essentially a One-Party System

The Economy Sucks and or Collapse

[added by The Wings of the Carp]

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One thought on “Chomsky: Current crisis demonstrates anti-democratic nature of financial system

  1. I featured recently a talk by Jared Diamond on the collapse of societies. One common trend he found is that societies collapse when tightly held values prevent them from making crucial decisions to react to crises.

    Although his example was religion in the case of the Greenland Norse, in the present scenario I would blame conflicting values relating to capitalism and markets as the root of the current crisis.

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