Jun 18th, 2009

Today’s crisis is one of institutions. That’s institution not as in “organization,” but institution as in rule to follow, or, better yet, ideal to strive for. The institutions, or ideals, at the heart of Capitalism 1.0 — exploitation, tyranny, domination, war, to name a few — are great if the economy’s goal is to create the illusion of profit (hi, Wall Street). But they are toxic and self-destructive if its goal is to make people better off. Capitalism 1.0 is best at creating “thin” value — brittle, often illusory, and ultimately unsustainable value.

via WordPress at 1:13 PM