The nature of the economic system should be a matter for public choice, and free market capitalism should not be accepted without any discussion of the rich variety of alternatives ... Unlike civil laws, economic laws are imposed on people with all the authority of immutable laws of nature. But the economy is created by people, supported by government intervention, regulation, statute and subsidy, and implemented in such a way that it gives substantial wealth and power to a privileged few, while the majority face a life of relentless work, stress and periodic financial insecurity.
The Second World War ended with a radicalization of the population in the United States and everywhere else, and called for all kinds of things like popular takeovers, government intervention, and worker takeovers of factories. Business propagated a tremendous propaganda offensive. The scale surprised me when I read the scholarship - it's enormous, and it's been very effective. There were two major targets: one is unions, the other is democracy.
Nationalization of private debts undermines prudential lender behavior and is a government intervention in the market.
