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You can't eliminate disparities in influence, or competitive self-serving behaviour by attacking people's ability to accumulate private capital. The Soviet Unio
by CryptoPunk 8y ago
You can't eliminate disparities in influence, or competitive self-serving behaviour by attacking people's ability to accumulate private capital. The Soviet Union had very little private capital, yet was extremely corrupt for that reason.
- TeMPOraL 8y agoThat's true, but it's also important to remember that there is no such thing as free market, or a market disconnected from government. Trying to make regulations work in your favour is just another thing market players do, not different in principle from opening new shops or spending money on advertising.
- CryptoPunk 8y agoCultural attitudes toward the free market can make a big difference. At the turn of the 20th century, during the Lochner Era, the Supreme Court upheld contract liberty and prevented numerous attempts by governments to undermine it. That never could have happened without the political attitudes that existed at that time. Widespread belief in principles like private property rights and contract liberty can act as a moat to prevent things like regulatory capture.