"Why Capitalism Fails": Point and Counterpoint

The Boston Globe revives Hyman Minsky to argue "why Capitalism fails." Reason.com pokes holes in their arguments.

Boston Globe: "Instability is an inherent and inescapable flaw of capitalism."
Reason.com: "Instability is an inherent and inescapable flaw of Human Life."

On a related note, CriticalReview chronicles three of the myths as to the causes of the recent financial crisis - irrational exuberance, bankers' bonuses, and capitalism:

If we seek the sources of a systemic failure, a logical place to look is among the legal rules that govern the system as a whole. Unfortunately, being legal mandates, these rules--unlike the different strategies pursued by competing capitalists--aren't subjected to a competitive process. So if they are based on mistaken ideas, we all suffer the consequences. That turned out to be the case with the Recourse Rule.

Contrary to popular belief, then, the crisis of 2008 is best described as a crisis of regulation—not a crisis of capitalism.

Read the whole thing.