Monday, April 24, 2017

Crowds are often mad rather than wise

--- The Economist's review of Douglas Carswell's book "Rebel: How to Overthrow the Emerging Oligarchy" (April 8, 2017)

Quote in context

"Mr Carswell thinks that a new oligarchy is the biggest threat to the welfare of mankind.... Big companies are tightening their hold over the global economy. Established parties are rigging the political system in their own favour. And business and politics are becoming ever more intertwined as companies offer jobs to ex-politicians. Journalists snobbishly dismiss populism as proof that their fellow citizens are bigots rather than as evidence that they are waking up to the fact that the system is rigged. Yet Mr Carswell has no time for the leftist solution—enlisting the state to regulate capitalism and redistribute wealth." 
"Mr Carswell makes his case well. He is right that capitalism is going through a worrying period of concentration: .... He is also right that today’s meritocratic elite is hard to stomach, ... But he is wrong to think that people-power is the answer. There is a good reason that America’s Founding Fathers, whom Mr Carswell so admires, built up checks and balances to the will of the people: the people are often moved by short-term passions, swayed by demagogues, deceived by rumours. Crowds are often mad rather than wise."