February 03, 2009

As a reader of Telos for over 35 years, I've admired Paul Piccone's courage in investigating areas considered verboten on the Left, specifically: Telos's critique of Soviet power and the prediction of its demise, Telos's ongoing examination of custom, tradition, and religion in political thinking, and Telos's re-assessment of populism, decentralization, federalism, and the New Class.

My presentation this morning looks at political divisions and the financial crisis. The underlying hypothesis is that the financial crisis cannot be genuinely solved by the traditional workings of the market and the state because the prominence of the logic of both sectors has now overwhelmed the process of internalization and a new balance must be reasserted.