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"That list would make many at Mises scream bloody murder" - I would say only those who don't understand what Capitalism is. The common misconception is that Cap
by piokoch 8y ago
"That list would make many at Mises scream bloody murder" - I would say only those who don't understand what Capitalism is. The common misconception is that Capitalism is the system where people are free to do whatever they want, especially those who has a lot of money. That's not true; the system that allows for that is called Feudalism. Obviously Hayek understood the difference.
It is interesting to analyze why so many people fail to understand what Capitalism is. My guess is that unfortunately many modern "western" countries are slowly moving away from Capitalism into some kind of modern version of Feudalism. And people with very deep pockets are indeed able to do what they want - last financial crisis is a good example, although multiple banks were behind it, they didn't go bankrupt, but were saved using taxpayers money.
The end result is that people think that "Capitalism is wrong", "Capitalism is not working", etc. They are just not aware that Capitalism is no longer here.
- ionised 8y agoCapitalism is just the private onwership of the means of production for profit, and the use of wage labourers. You can say we don't have 'real capitaslism' rightr now but that sounds like the No True Scotsman fallacy to me. We absolutely do have Capitalism. A heavily unbalanced, unfair and abusive crony capitalism, but it is still capitalism. I honestly can't see how capitalism wouldn't naturally tend towards these things anyway.
- arethuza 8y agoFeudalism is generally defined to be about a hierarchy of relationships linked to land ownership and associated payments or service. e.g. Here in Scotland the last elements of feudalism were only removed in 2000: https://en.wikipedia.org/wiki/Abolition_of_Feudal_Tenure_etc._(Scotland)_Act_2000 https://en.wikipedia.org/wiki/Abolition_of_Feudal_Tenure_etc...