Re Lester Thurow The Future of Capitalism Cold War Blunders Last Clear Chance Rawls' Justice As Fairness Flexible Exchange Rates Again

The 'last clear chance' the US political system had to rationalize and develop the US domestic political/economy was squandered on an ideological mission, utopian in origin, with fleeting strategic underpinnings, to develop the undeveloped non-communist world: hardly an example of, say, Rawls' 'justice as fairness' to average Americans.

Thurow had a nice explanation of this in paper back edition, pages 117-119.

He also talked about flexible exchange rates, (see also re my recent post on Weinman for floating currencies against a gold standard) at page 223:

'Kindleberger was the only economist (in 1971), according to Thurow, who could honestly say, even back then, including Thurow, "I told you so".'

Well, surprise again.