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Yeah, I think people conflate 'capitalism' and 'insufficient regulation'. Capitalism is a framework that requires regulation, even more so than communism or soc
by BobbyJo 6y ago
Yeah, I think people conflate 'capitalism' and 'insufficient regulation'. Capitalism is a framework that requires regulation, even more so than communism or socialism, since the regulations are what defines how the markets work.
- voisin 6y agoI think “insufficient regulation” is an almost necessary byproduct of capitalism. The search for profits leads to regulatory capture in every capitalist society I am aware of. I think this is because it is easier and cheaper to do things like lobby and have a revolving door with regulators and private industry than it is to actually compete with others. Competition is hard.
- koheripbal 6y agoThis is like saying that using hammers leads to eye injuries because people taking shortcuts don't wear their safety goggles. Regulations are the safety goggles of society. The hammer is not to blame.
- BobbyJo 6y agoIt's a necessary byproduct of any system run by people, which is why relying on a framework where able is preferable. That's why the US legal system relies so heavily on precedence: creating and agreeing on new law, and reconciling it with existing law, is cumbersome and slow, so make sure no one already did the work. The benefit of both of those things is consistency. Completely independent problem from capitalism, and it gets worse the more involved the government is in economic activity.