A basic principle of modern state capitalism is that costs and risks are socialized to the extent possible, while profit is privatized.
As in the past, the costs and risks of the coming phases of the industrial economy were to be socialized, with eventual profits privatized.
A tremendous amount of the entrepreneurial initiative, if you want to call it that, comes from the dynamic state sector on which most of the economy relies to socialize costs and risks and privatize eventual profit. And that's achieved by, if you like, advertising.
Resource extraction impacts a global environment that is increasingly at severe risk.
With government deregulation and the triumph of financial liberalization, the dangers of systemic risks, the possibility of a financial tsunami, sharply increased.
