We are once again in a situation where the public and the economics profession have rushed to judge capitalism as the source of periodic and severe crises.
They want to abolish private control of the means of production, market exchange, market prices, and competition. But at the same time they want to organize the socialist utopia in such a way that people could act as if these things were still present. –...
To put it simply, those who truly want social progress should promote the idea that we should all think locally as individuals and act globally through the capitalist system. This is the creed of the true progressive.
In fact, the government has already tried and failed to alleviate the Maryland crab crisis. Perhaps we should let capitalism have a crack at this problem.