Capitalist apologia.

Editor,

According to Henry Blodget (NYT, 12/20/06): "Capitalism works because it encourages and rewards those who successfully take risks, adapt to change and develop profitable opportunities." What a pleasant, self-justifying fantasy this is: that "risk" is the engine that drives capitalism and that "risk" is rewarded fairly and proportionately.

Does this mean that all those elected socialist governments toppled by the C.I.A. since WWII and replaced by murdering, torturing right-wing dictators fall under the rubric of "risk?" And that orders by the IMF and the World Bank to developing economies to privatize their natural resources and social services to qualify for foreign "investment" -- flipping, actually -- is "risk?" And that "investing" in politicians, who reciprocate with billions of dollars in subsidies and eliminate consumer, societal, and environmental protections in return is "risk?"

Capitalism "works" for those who are willing to sell out their fellow man and foolishly destroy the planet. Risk. Indeed.