3 ms·
that's not the idea of capitalism; the idea of capitalism is that you should be able to make money by virtue of owning stuff. it's an inherently rich-get-richer
by zem 11mo ago
that's not the idea of capitalism; the idea of capitalism is that you should be able to make money by virtue of owning stuff. it's an inherently rich-get-richer scheme, competition has little to do with it.
- graemep 11mo agoI think its obvious the GP means free market capitalism, which is what almost everyone who favours capitalism thinks is the form it should take.
- zem 11mo agoI don't see how free market capitalism fixes that. I looked up a definition to make sure I wasn't missing something and as per investopedia: "The term “free market capitalism” refers to an economy that puts no or minimal barriers in the way of privately owned businesses. Matters such as worker rights, environmental protection, and product safety will be addressed by businesses as the marketplace demands." it's basically worship of owning the means of production and not being regulated in its use, e.g. if you own a company you get to dictate all sorts of unreasonable things to your employees, and any benefits gained from automation accrue to whoever can afford the up front money to own the machines.
- graemep 11mo agoThat is a bad definition and I cannot find it on investopedia. it is essentially an extreme libertarian spin on the definition. There are better definitions on both wikipedia and Britannica: https://en.wikipedia.org/wiki/Free_market_capitalism https://en.wikipedia.org/wiki/Free_market_capitalism https://www.britannica.com/money/free-market https://www.britannica.com/money/free-market Especially this hit: https://en.wikipedia.org/wiki/Free_market_capitalism#Concepts https://en.wikipedia.org/wiki/Free_market_capitalism#Concept...
- wolvesechoes 11mo agoAnd these people has audacity to proclaim that socialism is based on fantasy.
- Arainach 11mo agoThe free market abhors competition. It's much more profitable to be a monopoly - and profitable enough by far to squash any competitors in infancy.
- graemep 11mo agoCapitalists abhor competition. Adam Smith (as in "invisible hand") pointed this out. That is a subversion of a free market.
- Draiken 11mo agoTalk about utopia huh? Free markets never existed, don't exist and never will. Markets are defined by laws and regulations in which they exist in. They can't ever be "free".
- graemep 11mo agoI agree. A free market requires regulation to ensure competition otherwise it ceases to be a free market.
- Lammy 11mo agoRelevant U.S. Constitution: https://constitution.congress.gov/constitution/article-1/#article-1-section-8-clause-3 https://constitution.congress.gov/constitution/article-1/#ar... > “The Congress shall have Power… To regulate Commerce with foreign Nations, and among the several States, and with the Indian Tribes;”
- graemep 11mo agoI assume the downvotes are because people do not know the difference between "free market" and "entirely unregualted market"? Please get your definitions from someone reasonable (Adam Smith might be a good start) rather than Ayn Rand.
- TheOtherHobbes 11mo agoApplies globally.