But this is usually the result of constant government intervention and ratcheting up expansionary monetary policy. The only capitalism that exists is the fettered kind, where the politicians impose their arbitrary whims, and rationalize it with cherry picked economics.
The present situation is completely government created, where expansionary policy was used to incorrectly allocate capital to "moral" and "social" arbitrary values like housing loans, free education and health care for everyone, instead of decent sustainable investments. And now the result.
Lets not also forget the crony capitalist mimic frauds & government politicians willing to protect them to the detriment of everyone else. Meddle Meddle Meddle. Corruption....
Lenin the master of economic bait and switch, a demagogue pandering to the ignorant masses still is taken seriously?
"The development of a profession of economists is an offshoot of interventionism. The professional economist is the specialist who is instrumental in designing various measures of government interference with business. He is an expert in the field of economic legislation, which today invariably aims at hindering the operation of the market economy."
Michael - On your reference to Africa being a place where capitalist economics has a future - Living in South Africa, where 5 million taxpayers support 13 million welfare grants, the only growing employment being in government (and a t a rapid pace too), statist attitudes, political cadre deployment, not to mention a 25 to 50% unemployment rate (although mostly unemployable), I'm not sure if you meant South Africa. Additionally given the necessity for corruption kickbacks as a cost of doing business in Africa I wonder, why would you think Africa was any less Chavis't?
Not much can be done with criticism that offers no solutions. Much more important than environmental externalities are the growth expectations of the population. When compared against each other, no-one that counts will willingly sacrifice their own growth and cut themselves out of the evolutionary chain, for the sake of the environment. Those that do won't count in the next generation... Humanity ceased being sustainable when it started changing its own environment hand over fist to its own specifications (farming), which resulted in unprecedented growth and expansion. Technology is all about crafting tools and techniques to accelerate this growth process, so that in turn a greater population can be supported, after all who won't have babies when they are rich. Sustainability is nothing but an impossible ideal. One which more forward thinking peoples hope will be solved by technology and moving off world. In the meantime the race is on to be in the best position before the environment does start making growth impossible or even negative. The real sustainability question to ask, is who has the power to overcome basic reproduction instinct, when children are considered a more important asset than the world.