4 ms·
I know, I'm challenging the idea of "capitalism != free market". In my opinion it is.
by VMG 11y ago
I know, I'm challenging the idea of "capitalism != free market". In my opinion it is.
- catnaroek 11y ago"Free market" is a technical term in economics - for a very idealized situation that hardly ever occurs in practice, and just happens to be simple to analyze. Its meaning isn't a matter of opinion.
- VMG 11y agoInteresting. Does the technical definition of the term allow for a "free market" where there are restrictions on the accumulation of capital?
- oarsinsync 11y agoYes. Markets are a method of exchange, and free markets have a choice of producers by consumers and competition. Restrictions (or lack thereof) on capital accumulation are not relevant.
- catnaroek 11y agoI don't see how the state could implement restrictions on capital accumulation, without regulating certain markets and industries (primarily the financial industry).
- bad_user 11y agoFor a market to exist, it must facilitate trading of things that have value. When value is lost and a market no longer possible due to the environment, is that really a restriction? In other words, if the state placed restrictions on capital accumulation, then there wouldn't be a need to restrict the "financial industry" as such a thing would cease to exist. Just like how a fish market wouldn't be possible without any fish left on earth.
- deleted 11y ago[deleted]
- catnaroek 11y agoI don't think so. But capitalism can exist without free markets, e.g., post-WWII Japan and South Korea are very protectionist capitalist countries.
- ArkyBeagle 11y agoIn the span between the Civil War and WWI, so was the US.