Larry Summers on Rules Based Society

Former Treasury Secretary and majordomo of 90’s economic success Lawrence Summers has an op ed about Trumps piecemeal approach to saving manufacturing jobs, and the risks inherent in it. He offers a compelling vision for how exactly this sort of thing can undermine rules based capitalism…

Some of the worst abuses of power are not those that leaders inflict on their people. They are the acts that the people demand from their leaders. I fear in a way that is more fundamental than a bad tax policy or tariff we have started down the road of changing the operating assumptions of our capitalism. I hope I am wrong, but I expect that as a consequence we are going to be not only poorer but less free.

… but it seems to be very ignorant of the people whom feel that the current rules based system hasn’t worked for them. Like there’s nothing in this column to convince someone who has been harmed by the last thirty years of capitalism, who are pretty clearly his swing voters.

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