Interesting data Sen gives. This is how the world works, this is how sick we are. For those who think capitalism is the only way, or who say it works.
Starvation, poverty, people without water, kids dying because they have no water or food, while the world spends 2 million dollars per second is arms.
This is how crony capitalism works.
History shows us that the way to lift the most boats out of poverty is for free market capitalism to take hold. Unfortunately, folks don't understand what is free market capitalism.
The under educated today like to blame "capitalism" which plays right into the hand of crony capitalists.
Nothing is better to crony capitalists than the people wanting a nanny state. Those who benefit from the nanny state are those who are connected i.e banks, financiers, insuranance companies, real estate developers, politicians and their associates.
The latest example of crony capitalism's hold on the United States is insurance companies under Obama care. Their stocks are on fire b/c Obama care is crony capitalism at its best. It certainly is not free market capitalism. And it certainly is not health care for all ie. single payer.
Crony capitalism is also clearly evident in the European governments' adoption of austerity. The banks and debt holders are paid off at the expense of the people. That is not capitalism. Banks should go broke. Cities and states should go broke. Bond holders should take a hit for their risk. But that is not how it works. And that is why Europe looks like Argentina 2001.
Bankruptcy and going broke are integral elements to free market capitalism. The efficient beat the inefficient.
Europe, however, has a big problem: the Euro. The euro does not allow Spain, Greece, Italy, Portugal to devalue its currency or go broke. Therefore, unlike Argentina, they cannot climb out of their hole. They cannot default. They are digging deeper and deepr holes. The next step in these countries may be a "bail in" a la cyprus. A "bail in" certainly is not free market capitalism b/c free market capitalism must include the respect of property rights. A bail in is the theft of the people's money to benefit the conected, the crony capitalists, who are manifetly inefficient thus the need for the bail in.
It is too bad people are so under educated they spout off that "capitalism" is the problem. All we have to do is look at the Soviet Union 1993 for an example of where socialism goes. And we can look at Argentina to see where crony capitalism goes....
