Dead capitalism and the new communism
by
GreenwichJ
07/18/2008, 7:41 AM
The smart critique of Soviet communism was that the state monopoly on information couldn't spread important economic knowledge as quickly as free markets.
In a few years this will no longer be true. Improvements in econometrics and modelling will allow states to comprehend the economy better than free-market informatics.
Why? Because there's lots of junk information in a free-market society. Take medicine. In the US, consumers spend billions each year on meds that don't do anything for them.
In Europe, state health monopolies observe the US health market and bulk-purchase meds that work most of the time, ignoring those that do not.
This is why Europeans have much better human-development indicators than Americans while spending much less on healthcare. This is the "new communism", one based on observing free-market systems and then improving them in a state-centric fashion.