kinh nghiệm một lần nữa? Hy vọng rằng không. Có lẽ chúng ta đã học được một cái gì đó từ sai lầm quá khứ $. Các lỗ hổng chết người của một hệ thống thị trường tự do là sự bất ổn định vốn có của nó. Niềm tin rằng thị trường tài chính đang tự điều tiết chỉ đơn giản là sai. May mắn thay, | Phase 1 August 1985-December 1985 183 experience again Hopefully not. Perhaps we have learned something from past mistakeồ. The fatal flaw of a free market system is its inherent instability. The belief that financial markets are self-regulating is simply false. Fortunately Secretary Baker is aware of this fact and the administration has begun to exert active economic leadership since he moved to the Treasury. Certainly it is not laissez-faire that has brought US to the threshhold of a new golden age of capitalism but a concerted economic policy designed to counteract the excesses of a free market system. It remains to be seen how well we have learned our lessons. In any case the benefits of the new golden age are very unevenly spread. It is in the nature of capitalism that the gap between winners and losers is rather wide. Large segments of the population especially in the financial technology service and defense sectors are flourishing. Others especially in the older industries agriculture and the welfare sector are suffering. Fortunes are made in financial deals and shareholders wield more power than at any time in the last fifty years at the same time bankruptcies are also at a fifty-year high in both size and numbers. Debtor countries are wallowing in depression and a whole continent Africa is starving at the same time China is converting to a free market system with all possible speed and the Soviet Union is on the verge of moving in the same direction albeit much more cautiously. Why the Reagan administration has been so successful in achieving its objectives is a fascinating question. To all intents and purposes the Democrats have been reduced to the party of losers as manifested by the fact that it is the Democrats who push for protectionism in Congress while President Reagan has an unquestionable gift for making Americans feel like winners. But the improvement in sentiment has been achieved at the cost of considerable deterioration in the underlying .
