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It's not like the market is doing a good job distributing scarce resources either, particularly in the case of housing.
by jeffreyrogers 6y ago
It's not like the market is doing a good job distributing scarce resources either, particularly in the case of housing.
- qeternity 6y agoCapitalism is like democracy: it's the worst form of economics, except for all the others. The fact that it has flaws does not make other systems superior. Also, this thread is literally about how the housing market isn't a true market...it's a government run welfare program backed by the Fed. You're proving my point.
- jeffreyrogers 6y agoI'm not anti-capitalism, but markets aren't a naturally regulating thing. They need to be managed.[0] And the government plays a role in shaping to what ends those markets are managed for. E.g. if your market is allowing wealthy foreigners to buy property that then goes unused it's not a well-functioning market, regardless of how much it is aligned with "capitalism".[1] [0]: And they are always managed. Even "free"-markets are managed, since free-markets are not a natural state, at least not for long. [1]: Capitalism itself is a vague word that can be used to describe any number of only superficially related systems. E.g., 1800s Britain was capitalist, and had working conditions so appalling that they made Marx's ideas attractive. Modern Nordic capitalism is quite different from that, but would also still be described as capitalism (except by Democratic Socialists who know nothing about Scandinavia and are trying to convince people that those countries are actually socialist).