Greedflation – Follow Up

Since writing the “Greedflation” article, I read Fareed Zakaria’s book, “Age of Revolutions”. The book is about political, industrial, and scientific revolutions.  The French revolution was a failure (afterwards people were not better off) because entrepreneurship and making a profit was demonized.  In those days, we know that meant – off with your head!

More recently, the revolution in Cuba has been a failure. Strict socialism has not worked.  A recent New York Times article “In a Communist Stronghold Capitalism has Become an Economic Lifeline” explains that limited entrepreneurship has been reintroduced and is one of the few bright areas in the economy.

Also, the Michael Douglas character in Wall Street exaggerates it when he said “Greed is Good”, but capitalism and entrepreneurship ain’t bad!