GM made many, many mistakes over the years. But one big one was obsessing on “capital” and ignoring other less easily measured aspects of the auto business.
If capitalism requires three factors of production — land, labor and capital — then why do we obsess over one (capital) and virtually ignore the other two?
I believe in capitalism as the best economic system out there (or, as Winston Churchill said about democracy, it’s the worst system there is except for all the others). But by its own conceptual framework, it is incomplete. Read the rest of this entry »
Alan Greenspan’s famous comment about a flaw in his model of how markets can self-regulate reveals him to be an Incomplete Capitalist!