All Tomorrow's Cultures

In the New York Times on Friday (10/24), a really astounding admonition by Alan Greenspan, looking a bit like a drunk on the morning after: "Greenspan admitted that he had put too much faith in the self-correcting power of free markets" (A1). Although we're supposed to take this as his belated indictment of mortgage-backed securities, I see it as a much more sweeping confession: that, far from describing some objective, underlying reality to which the rest of us non-economists should concede, the "free market" is not some fact of nature circumscribed by Netwonian law, but an amalgam of greedy institutions acting in concert with government to expropriate wealth from the rest of us. Greenspan's contrition should lead us to a cascade of revelations--perhaps austerity measures and free market propaganda foisted onto developing nations weren't such great ideas? Perhaps the derivatives-led interpenetration of global finance isn't the inevitable fate of an ...