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> I think whether your statement is correct or not depends on how you define “capitalism working right” I agree, even I will say that it depends on how do you
by ElViajero 5y ago
> I think whether your statement is correct or not depends on how you define “capitalism working right”
I agree, even I will say that it depends on how do you define "capitalism".
> Effective regulation is needed to prevent monopolies and cartels.
That's why regulations are and always have been part of capitalism.
A " purely free market with no outside checks" is Neo-liberalism or anarchy, even if there has been a push to label anything to the left of Neo-liberalism as "communism". Such a push have gained a lot of traction, and I see that many people in the general public thinks that Neo-liberalism = Capitalism, that it is not the case.
So, maybe the definition of capitalism is changing. And maybe the push have succeed and now "capitalism working right” just means the rich getting richer and has nothing to do with the original work of Adam Smith. That would be sad, thou. Capitalism is a good system as defined by Adam Smith, Neo-liberalism is just a pantomime that promotes authoritarianism dressed as free-trade.
- cortesoft 5y agoOk, then I agree with you. I was worried that what most people hear when they see “capitalism” is unregulated markets.
- licebmi__at__ 5y agoMaybe we could entertain the idea that even with all the wisdom contained within Adam Smith’s work, it might at least somewhat wrong.