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Capitalism should be defined by free markets, among other things. What we are seeing is an unprecedented combination of quasi-monopolies, rent-seeking, and an
by goodpoint 5y ago
Capitalism should be defined by free markets, among other things.
What we are seeing is an unprecedented combination of quasi-monopolies, rent-seeking, and an economy disconnected from real production of goods and services.
It has been called neofeudalism.
- WitCanStain 5y agoBut all that is the natural and inevitable consequence of capitalism. It's baked into the structure of the system.
- maedla 5y agoExactly. People want to go back to the thing that got us here
- deleted 5y ago[deleted]
- goodpoint 5y agoIndeed.
- gwright 5y ago>rent-seeking, Unfortunately "capitalism" is a pretty ill-defined term. I wouldn't include "rent-seeking" as a characteristic of "capitalism" but apparently you do. This makes it very difficult to have coherent discussions. For what it is worth, I think "rent-seeking" is probably a characteristic of all economic systems and therefore isn't something peculiar to "capitalism" and so shouldn't be used as a criticism of "capitalism".
- goodpoint 5y ago> I wouldn't include "rent-seeking" as a characteristic of "capitalism" According to what theory? https://en.wikipedia.org/wiki/Rent-seeking https://en.wikipedia.org/wiki/Rent-seeking fits squarely into capitalism.
- gwright 5y agoRent-seeking isn't a phenomena that is unique to capitalism. It is something present in many different (all?) economic systems. So while it is completely fair to be critical of rent-seeking that isn't by itself a criticism of capitalism.