WASHINGTON -- In this election, we're not having an argument that pits capitalism against socialism. We are trying to decide what kind of capitalism we want. It is a debate as American as Alexander Hamilton, Andrew Jackson, and Henry Clay -- which is to say that we have always done this. In light of the rise of inequality and the financial mess we just went through, it's a discussion we very much need to have now.
The back-and-forth about Bain Capital, Mitt Romney's old company, is part of something larger. So is the inquest into the implications of multibillion-dollar trading losses at JPMorgan Chase. Capitalism can produce wonders. It is also capable of self-destruction, and it can leave a lot of wounded people behind. The trick is to get the most out of what capitalism does well, while containing or preventing the problems it can cause.
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