There have been many deeply mistaken ideas that enjoyed almost universal acceptance until reality overtook the illusion. Take for instance the once unquestioned truth that “Key West real estate never goes down.”

The persistent and widely accepted falsehood I have in mind for today’s essay is that the current U.S. economy could be accurately described as unrestrained “capitalism.” This idea, and it’s even worse corollary, that lack of regulation of that system has brought us to our present state of crisis, muddies the economic water so thoroughly that you’ve got to be pretty thirsty to try a cupful.

Whatever . . . → Read More: Scapegoating Capitalism