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Does Capitalism Work?
- maxharris 6y agoThe article refers to the United States as "capitalist". In reality, it has a mixed economy. Capitalist elements such as a market economy are mixed with statist elements such as eminent domain, taxes on income, high amounts of regulation in most industries, a large welfare state, public funding of science and education, public control over air travel, radio, etc. Properly defined, "capitalism" is a political term: a government organized around the defense of individual rights is a capitalist one. (Communist China has a market economy, but it is not a capitalist country.) The United States came near to being a purely capitalist society in the late 19th century, but it is simply false to call it capitalist today.