Generally erudite Clive Crook pens a very poor column in Bloomberg making a case for Capitalism. You do not need any brains to argue how Capitalism is superior to long dead Socialism. But comparing Capitalistic System with a long gone relics of history hardly equips us to deal with what we have to address today.
Fundamentally, the Anglo-Saxon (American and UK and I specifically want to exclude German and Swedish systems) Capitalism is determined by primacy of Finance and hard money capital (read Wall Street and Bankers). Finance being the most dominant force, in America our system cannot control the 'short term benefit at any cost' mentality of Bankers. That irrational exuberance caused Clinton-Rubin-Summers fueled Dot Com boom & bust at the turn of century and subsequently the Housing Bubble encouraged by Bush and Greenspan. In other words the way Capitalism is practiced in America and in UK, 'bubbles' cannot be avoided and bubbles cannot be controlled. Simply stated, we do not have a system in place by which chances of bubbles are minimized in the first place and bubble aftermaths are healed quickly without weaker sections of the system paying dearly. American and UK systems do not have the necessary 'social compacts and work sharing ethos' in decreasing the cost paid by employees during recessions. CEOs continue to reap advantages while rank and file workers pay the price - that is a too often picture in these Capitalistic societies. The resultant livelihood raptures for vast swath of population devastates economic and social fabric from time to time. All that in the end would show in typical 'setting of sun' on Anglo-Saxon economies.
Those are the core problems of American Capitalism. Singing paeans to Finance dominated Capitalism or loathing Occupy Wall Street or simply adopting 'straw man strategy' in elevating Capitalism while comparing no more practiced Socialism; all that hardly resolves contradictions of today's Capitalism. You do not need Karl Marx to see what is wrong with our system nor the alternative needs to be Socialism.
What we need is 'making of a political case' in pin-pointing this challenge of bubbles and political will to deal with that (have you seen relentless attempts by GOP to gut Frank-Dodd instead of further inoculating our financial system from new bubbles?).