3 ms·
Monopolies are indistinguishable from governments at the end of the day, as they become the enforcement agency. And if capitalism, by definition, is an economic
by marknadal 12y ago
Monopolies are indistinguishable from governments at the end of the day, as they become the enforcement agency. And if capitalism, by definition, is an economic and political system not controlled by a government, then Peter Thiel is flat out wrong.
This quote by Thiel, in the article, contradicts his argument:
'By "monopoly," I mean the kind of company that is so good at what it does that no other firm can offer a close substitute.'
Even the mere presence of "other firms" implies there is something to compare against, and as a result, that comparison is the competitive nature of capitalism. Maybe he needs to review his economic theories, but he is in the wrong and inconsistent.
- adventured 12y agoMonopolies are easily distinguishable, at all times, from governments because they possess no legislative authority, no control over or enforcement of laws, and no authority over the use of force. It's an extraordinarily simple, and obvious, line of separation that nobody could ever confuse in a free market economy with constitutional protections on individual liberty.
- marknadal 12y agoThat assumes we do live in a free market economy and that our individual liberties are protected by the constitution. However, it looks like from the disclosures of people like Snowden, that that is not the case. The line gets blurred when the government meddles in the affairs of businesses (like wire tapping) and when businesses lobby enforcement laws into place. Over time, as entropy increases, things may become hard to distinguish.