From an interview of Noam Chomsky by Keane Bhatt, “Chomsky: ‘The Business Elites … Are Instinctive Marxists'” in TruthOut. The funny bit is I was reading this piece (per referral by reader May S) and found this section in it:
KB: In characterizing the U.S. financial crisis, you say that “markets are inefficient … They can be controlled by some degree of regulation, but that was dismantled under religious fanaticism about efficient markets, which lacked empirical support and theoretical basis; it was just based on religious fanaticism.” Was this “irrational fundamentalism” the major factor in the development of the current world economic crisis? I ask because in “Hopes and Prospects,” you direct readers wishing to understand the crisis’s roots to Foster and Magdoff’s “The Great Financial Crisis.” Their thesis is that due to long-run stagnation tendencies in the real economy, “profits were increasingly directed away from investment in the expansion of productive capacity and toward financial speculation.” For Foster and Magdoff, the religious fanaticism was politically expedient and helped feed a series of massive financial bubbles, but this push compensated for the underlying, long-term stagnation tendencies of the real economy.
NC: I think that there’s some truth to that. There are books that are now available that I would’ve also referred to which go way beyond what I said – people from right in the middle of the economics profession going to the point of declaring economists criminals. For example, Yves Smith’s book – which is really good – I mean, she just says that those guys are a plague. The field ought to be dismantled. And she goes into the real details of it and shows what there is in economic theory that is so corrupt that it’s hard to discuss. It’s a great book.
I know his remarks probably make me, in the words of reader Nathan T, ” a radical totalitrian liberal communistic anarchist.” However, if you read his remarks, he depicts me as “right from the middle.” Go figure.
The rest of the interview is very much worth reading, and you can find it here.