The financial crisis has weakened confidence in market economies everywhere in the Western world. Not that the United States, let alone European countries, were ever wildly deregulated; but opponents of deregulation have grown more vocal. Rethinking Capitalism, edited by Michael Jacobs and Mariana Mazzucato, should actually be entitled “Rethinking Statism,” for it aims at providing interventionists with a bolder agenda than ever. Jacobs and Mazzucato basically equate limited government with a government that tries to correct market failure—an equation most libertarians would actually dispute. The failings of the world economies, whether before or after the financial crisis of late 2007 to…

Read More