Finance America Loans

Posted onJanuary 25, 2012 - 6:59 pm by Admin | 0 Comments

Mainstream media pundits are stepping over one another weekly in reaching for insights about the cause of the current financial crisis. One of today's favorite sources is Ayn Rand's last novel. Imagine a debate between Ms. Rand, born and educated in Russia, and Hungarian economic intellectual Karl Polanyi. Both immigrated to N. America, home to an interesting juxtaposition of their philosophies on social markets.

Atlas Shrugged

This 1957 novel gave birth to the term 'kilo pages' due to its length (over 1,000 pages). It advocated the power of the individual over society, which Ms. Rand deemed more important than society's power over the individual. It was a manifesto for advocates of the free market economy as a self-governing, self-regulating, all-balancing force. Ayn Rand may have been responding to a theory about the Great Depression published as "The Great Transformation."

The Great Transformation

This 1944 book examined the belief in "an all encompassing market that always and everywhere harmonized the actions of self interested individuals toward beneficial outcomes" which, according to its author Karl Polanyi, "could not exist for any length of time without annihilating the human and natural substance of society." Mr. Polanyi argued that such a utopia forgets that markets are human inventions; and, most importantly, that humans can be selfish creatures.


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