Kuttner's analysis of stagflation as the price of Reaganomics was excellent. However, I take exception to his closing statement that the greatest triumph of "capitalism" is the collapse of world communism and the end of the Cold War. Probably it is more true that communism is collapsing because of its unworkable ways. Ultimately, it has been pointed out, many small "hot" wars are likely to ensue in Eastern Europe and elsewhere around the world.
Finally we should not gloat about capitalism, as its huge unregulated multinational corporations, acting as countries unto themselves, are wreaking havoc on natural resources and the environment, as wisely pointed out in your Opinion section in the interview with Martin Khor ("Fighting to Save Rain Forests and the World Environment," July 29). We had better bring this rapacious out-of-control type of capitalism to the accountability of all humanity. There is not much time left for the environment.
JAMES R. STONE