Democracy – an inventory

With the camp-in on Wall Street, public anger over the crisis has ended up covering the entire political and geographic arc from Greece to the United States. At first glance, the two cases seem to have little in common. While the Greece of Papandreou is in crisis due to an exceedingly inefficient patronage-based state that has racked up debts it can never repay, the U.S. of Obama has fallen victim to a handful of financial markets that have imploded and are dragging the economy towards the brink. To simplify matters, we might say it’s a case of state failure on one hand and market failure on the other.

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Categories: Europe

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