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Good and Bad Capitalism

We are now in a strange period in which governments, bankers, and journalists herald the end of the economic crisis just because large banks are no longer failing every week. But nothing has been solved, and unemployment continues to rise.

PARIS – The reality of market exchange – direct transactions between merchants and customers – appeared gradually 3,000 or 4,000 years ago. In this novel social relationship, the customer was free to buy whatever he wanted, whenever and from whomever he chose, often bargaining with the seller about the price.

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