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The implication being that capitalism ensures fair and competitive markets, which has proven to be counterfactual. Only carefully regulated markets are competit
by InclinedPlane 9y ago
The implication being that capitalism ensures fair and competitive markets, which has proven to be counterfactual. Only carefully regulated markets are competitive.
- simonh 9y agoCarefully regulated markets can be a capitalist or non-capitalist as you like. They are orthogonal concepts. I am a capitalist and I believe in regulated markets. After all a game of football can only be fair if it has equitable rules and both sides are held to them.
- InclinedPlane 9y agoThey are partially independent but not orthogonal. Unregulated markets are never fair. This is why it's a hard problem. Regulation creates another route for corruption, but is also the only way to keep corruption in check. We still haven't figured out an objective set of rules to avoid corruption, monopolies, and unfree markets.