Monday, January 14, 2013
Cuddly or Cut-Thoroat Capitalism
In the US, you would never know it, but there are different kinds of capitalism. In the US we have more conservative, individualistic, winner-take-all type with limited government. Some call this "Cut-Throat" capitalism. Other countries operate by the same market principles but provide a stronger social safety net and more government activism in the marketplace. Their version of capitalism has come to be called "Cuddly Capitalism". Most of the "cuddly" countries are in Europe especially Scandanavia. Many promoniant economists are debating which type of capitalism is more innovative. And also which one provides more growth. The VOX website has two articles: Cuddly vs. Cut-Throat Capitalism featuring the work of prominant economist Daron Acemoglu. A second debate centers on growth and innovation. Are nordic countries less innovative ?
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