The System Worked


Dan Drezner says the system worked:

The initial shock of the 2008 financial crisis was worse than what happened in 1929, and yet we didn’t experience another Great Depression. Outside the developed world, the global economy has actually done remarkably well. That’s the interesting story, as far as I’m concerned.

This is true. It didn’t work perfectly, or even as well as it should have. But it worked. What’s more, you can make a pretty good case that the United States did a better job—or, at a minimum, as good a job—as any other major region in the world. We could have done a lot better if we had been plagued by fewer of what Keynes famously called “slaves of some defunct economist,” but still. It’s worth celebrating that for all the mistakes we made, we really have learned a lot, and we really are able to handle global economic meltdowns a lot better than in the past.

DEMOCRACY DOES NOT EXIST...

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DEMOCRACY DOES NOT EXIST...

without free and fair elections, a vigorous free press, and engaged citizens to reclaim power from those who abuse it.

In this election year unlike any other—against a backdrop of a pandemic, an economic crisis, racial reckoning, and so much daily crazy—Mother Jones' journalism is driven by one simple question: Will America will move closer to, or further from, justice and equity in the years to come?

If you're able to, please join us in this mission with a donation today. Our reporting right now is focused on voting rights and election security, corruption, disinformation, racial and gender equity, and the climate crisis. We can’t do it without the support of readers like you, and we need to give it everything we've got between now and November. Thank you.

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