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You're mixing up two different issues, corruption and socialist tendencies. While corruption in socialism is bad, corruption in capitalism is just as bad. Even

You're mixing up two different issues, corruption and socialist tendencies. While corruption in socialism is bad, corruption in capitalism is just as bad. Even the most developed capitalist countries have failed to remove corruption. (hence the 2008 subprime crisis) To India's credit, its socialist tendencies kept the country unaffected from 2008 subprime crisis.

anamax 15y ago
> To India's credit, its socialist tendencies kept the country unaffected from 2008 subprime crisis. No boom, no bust.... > While corruption in socialism is bad, corruption in capitalism is just as bad. Even the most developed capitalist countries have failed to remove corruption. (hence the 2008 subprime crisis) The 2008 "subprime crisis" wasn't capitalist corruption, it was govt corruption. The US govt decided to subsidize home ownership via various means, which created a property bubble. Bubbles eventually pop, and the govt then decided to "socialize" the losses and try to restore the bubble. The Irish govt went one step further - it decided to guarantee all bank losses. That's not capitalism.
- ramchip 15y ago
  That looks a lot like an instance of the "no true Scotsman" fallacy.
  - drzaiusapelord 15y ago
    Or as I like to call these posts YALK, yet another libertarian kiddie.
  - doyoulikeworms 15y ago
    At first glance, you're right. The problem is, though, that the word "capitalism" has different meanings for different people, and has also undergone a general shifting of the meaning of the word. This is not unlike the word "liberal" (as in politically liberal), which has changed in a similar fashion. This snippet from the Wikipedia entry for capitalism synthesizes it pretty well: "Classical liberals such as Mises, Rand, and Rothbard define capitalism as a market system with no interference by States (laissez faire). Some define capitalism as a system governed by capital accumulation regardless of the legal ownership titles." anamax is referring to what could be referred to "classical capitalism," while you, ramchip, seem to be referring to "state capitalism".
- dimmuborgir 15y ago
  "No boom, no bust..." I meant to say India was unaffected from 'global recession'. Obviously there was no housing bubble in India. "...it was govt corruption." You mean in a crony-capitalism govt alone is guilty? How?

anamax 15y ago

> To India's credit, its socialist tendencies kept the country unaffected from 2008 subprime crisis. No boom, no bust.... > While corruption in socialism is bad, corruption in capitalism is just as bad. Even the most developed capitalist countries have failed to remove corruption. (hence the 2008 subprime crisis) The 2008 "subprime crisis" wasn't capitalist corruption, it was govt corruption. The US govt decided to subsidize home ownership via various means, which created a property bubble. Bubbles eventually pop, and the govt then decided to "socialize" the losses and try to restore the bubble. The Irish govt went one step further - it decided to guarantee all bank losses. That's not capitalism.

ramchip 15y ago
That looks a lot like an instance of the "no true Scotsman" fallacy.
- drzaiusapelord 15y ago
  Or as I like to call these posts YALK, yet another libertarian kiddie.
- doyoulikeworms 15y ago
  At first glance, you're right. The problem is, though, that the word "capitalism" has different meanings for different people, and has also undergone a general shifting of the meaning of the word. This is not unlike the word "liberal" (as in politically liberal), which has changed in a similar fashion. This snippet from the Wikipedia entry for capitalism synthesizes it pretty well: "Classical liberals such as Mises, Rand, and Rothbard define capitalism as a market system with no interference by States (laissez faire). Some define capitalism as a system governed by capital accumulation regardless of the legal ownership titles." anamax is referring to what could be referred to "classical capitalism," while you, ramchip, seem to be referring to "state capitalism".
dimmuborgir 15y ago
"No boom, no bust..." I meant to say India was unaffected from 'global recession'. Obviously there was no housing bubble in India. "...it was govt corruption." You mean in a crony-capitalism govt alone is guilty? How?