Saturday, August 08, 2009

A Confusing Commentator at Work

On “thought leader” by Mail and Guardian online (HERE), Sentletse Diakanyo writes:

“The financial crisis and rise of pseudo-socialists”

It is important that we allow the market economy to function within the sensible parameters of oversight by the state. Adam Smith alluded to the “invisible hand” necessary to curtail the unbridled capitalist destruction of the economy. The fatal mistake made by politicians in the past was the general assumption that when the economy veers off its original path, competitive forces will intervene and ensure self-correction. The opposite proved true with disastrous consequences. What we cannot allow is paternal interventionism by the state that serves to disrupt economic progress and breeds crony capitalism.”

Comment

I have no idea what Sentletse Diakanyo is talking about, either in respect of socialist/Marxist/leftwing dictators in South America, or Adam Smith.

That he asserts that “Adam Smith alluded to the ‘invisible hand’ necessary to curtail the unbridled capitalist destruction of the economy” is beyond any explanation (or parody) I can give, and his article certainly is of no help.

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