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Well, not all problems. Market failures like monopolies, negative externalities, and free ridership that leads to underinvestment in public goods are all proble
by JauntTrooper 11y ago
Well, not all problems. Market failures like monopolies, negative externalities, and free ridership that leads to underinvestment in public goods are all problems inherent to unchecked capitalism that lead to an inefficient allocation of resources. Even Adam Smith was an ardent opponent of monopolies.
It's pretty well established that capitalism works best with a regulatory state that can correct market failures and enforce private property laws.