Gongol.com Archives: March 2016
And where is the shame that should shadow the fact that 69 people have been killed in a terrorist bombing -- but because it happened in Pakistan, it isn't making the same kind of headlines as an equivalent attack in a city in Europe?
It's been in current hands for just three years. This is "trader" capitalism. While not immoral or unethical, per se, it isn't the same as constructive or productive capitalism that depends upon transforming things of lower value into things of higher value. It's also not the same thing as proprietor capitalism, in which a person proudly owns his or her business for what it creates. Again, this doesn't make trader capitalism evil or wrong -- but we need to be very careful about celebrating the cowboy antics of trader capitalism. Trader capitalism tends to be a zero-sum game, or close to it. The other forms are decidedly non-zero-sum: They deliberately turn out something better at the end than what was put in.
Thus we all can think of a town that has lost a factory to "outsourcing" -- but many people would find it hard to quantify how much trade benefits them personally. This tempers how people understand trade, since it means we overweight the costs and underweight the benefits -- even though the benefits overall far outweigh the costs. Sensitivity to those concentrated costs is important, though: If we benefit at-large, then we need to tax at-large as well in order to help the people who are directly hurt by the effects of trade.
Niall Ferguson says it's best viewed as a true network and best opposed as such
The site that built its reputation on still pictures now says "you'll soon have the flexibility to tell your story in up to 60 seconds of video". That doesn't quite make it YouTube, but it's a change of position.