3 ms·
> A fundamental issue is overlooked here. The US was established as a free market country. The playbook for a succesful free market economy is to use protectio
by avgcorrection 3y ago
> A fundamental issue is overlooked here. The US was established as a free market country.
The playbook for a succesful free market economy is to use protectionism at home and (if applicable: if the state can be called imperialistic) impose free market principles on subject nations so that domestic corporations can exploit them.
Look at South Korea for an example of a country that was built with protectionist capitalism.
> People of all backgrounds thrive in a free market economy.
Look at the Gini coefficient of the US.
> The proof of that is many countries have switched to free markets, and promptly started thriving.
Not Russia.
> Countries with unfree economies, like South American ones, do poorly. Chile seems to go back and forth between free markets and socialism, with the consequential ups and downs of its economy.
Chile had a coup in 1973 which removed the social democratic leader from power and installed a neoliberal government. Neoliberalism is the modern free market incarnation. Why didn't they thrive?
- WalterBright 3y ago> The playbook for a succesful free market economy is to use protectionism at home Nope. Protectionism hurts the economy because it is an impediment to free trade. > South Korea for an example of a country that was built with protectionist capitalism. Protectionism hurts the economy, but not enough to sink it. Free markets are remarkably resilient to damage. > Not Russia. Russia's economy is a kleptocracy. > Chile Installing a neoliberal government doesn't mean they actually instituted a free market. Chile has, as I said, gone back and forth between free markets and socialism. The country would get on its feet with the free markets, then switch back to socialism until it was on its knees again.
- andrepd 3y agoAh okay I see, "it was not true capitalism" :)
- WalterBright 3y agoProgressives are entirely capable of wrecking free market success. https://www.cato.org/cato-journal/fall-2020/fall-chile#explaining-chiles-paradox https://www.cato.org/cato-journal/fall-2020/fall-chile#expla...
- avgcorrection 3y agoTo be fair (although I don't agree with him in the slightest): he did say “free market” to begin with, which in the common vernacular is contrasted with more state intervention.