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Ownership and allocation mechanism are mostly independent axes. Consider for instance Norway (extensive state ownership but highly market-oriented; in certain r
by consilient 3y ago
Ownership and allocation mechanism are mostly independent axes. Consider for instance Norway (extensive state ownership but highly market-oriented; in certain respects more liberal than the US) contemporary China (state control of most major firms but mostly market-oriented), Gaullist France (nationalized infrastructure plus minority state shares in other sectors, markets supplemented with indicative planning and state-directed investment) or the US during WWII (almost entirely private, full-blown central planning).
Venezuela's level of interventionism is unremarkable by the historical standards of the developed world. The problem is their poor choice of interventions.
- heywhatupboys 3y ago> in certain respects more liberal than the US why would this be surprising? Don't believe for a second that the USA has a generally more liberal financial market than Scandinavia. Employment laws, trade, regulations, etc. are often wayyy less strict in Scandinavia.
- CRConrad 3y agoEmployment laws “wayyy less strict” in Scandinavia than in the USA? Where in Scandinavia would that be?!?
- consilient 3y agoIt shouldn't be surprising, but American political discourse has unfortunately latched onto an extremely simplistic univariate model of economic policy. There's a common background assumption that redistribution, public ownership, fiscal policy, and all varieties of regulation rise or fall together.
- heywhatupboys 3y agogood point. But HN should do better than that