Kapitalism

When Obama made his now famous quote - "Let's spread the wealth", he was branded a communist by the McCain campaign. Later that night McCain voted in favor of a 750 billion relief package, as part of which the government bought significant equity in ailing banks. You might dismiss the development as a drastic measure that is needed in drastic times, but it is hard to ignore the fact that the the world's most prominent practitioner of capitalism has steered away from the very essence of free market ideologies, whether or not it openly acknowledges it.

The debate between free market vs. state control has been raging since the times of Adam Smith and wars have been fought on it. But one look at the two countries involved in the Cold War, conveys a paradigm shift in their market beliefs. While communism collapsed in the erstwhile Soviet Union and Russia has since become the cradle of capitalistic debauchery, the US has opened the iron curtain to communism, if not openly embracing it. In fact, the current economic crisis has been so devastating that once-cherished assumptions about the superiority of the U.S. economic model are now in doubt. Talks are also underway regarding a 25 billion relief package for the Big 3.

Call it industrial policy, or use the euphemism of "public-private partnership." But as America emerges from the rubble of the credit bubble and soberly confronts the task of building a strong, sustainable economy, the new credo will likely be "whatever works." The lawmakers of the country have slowly realized that this is not the time for ideologies, but desperate decisions, but subconsciously they also have to accept that no perfect theory can be practical. The middle ground, which America often refuses to take, is often the right answer. As the saying goes - it doesn't matter if the cat is black or white, as long as it catches the mice.