"Capitalism vs. Socialism" by Walter E Williams
"Free market capitalism is disfavored by many Americans -- and threatened -- not because of its failure but, ironically, because of its success. Free market capitalism in America has been so successful in eliminating the traditional problems of mankind -- such as disease, pestilence, hunger and gross poverty -- that all other human problems appear both unbearable and inexcusable. The desire by many Americans to eliminate these so-called unbearable and inexcusable problems has led to the call for socialism. That call includes equality of income, sex and race balance, affordable housing and medical care, orderly markets, and many other socialistic ideas."
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There is no such thing as free market capitalism only state capitalism.
JB4now
Level 5
May 30, 2018
3
Definitely no such thing as "free market" capitalism.
I buy groceries at a store that is owned 100% by the employees. My banking is at a member-owned credit union. Insurance and money management is handled by USAA, a member-owned association. My electricity is provided by a co-op. The county picks up my garbage. Did someone say this is a capitalist society?
Oh yes, a lot of my shopping is done at Walmart, one of the world’s largest and most successful corporations. I haven’t checked, but I probably own shares in Walmart, and If so I get paid dividends. Is there a problem with that?
It’s all the same thing, no matter what you call it: people banding together to accomplish tasks too large for individuals. So called capitalism is nothing more than the free market, which has been with us since time immemorial. Rising populations along with better transportation and communication have made specialized markets and large corporations practical and successful through the economy of scale, and every person benefits from that.
It’s not capitalism, it’s just trade. If all stock markets closed, trading would still go on, though less efficiently.
WilliamFleming
Level 8
May 30, 2018
1
His second sentence is flat out wrong. Free market capitalism may, or may not, have played a roll in eliminating some of these things. Just one example where it wasn't is Jonas Salk's polio vaccine which Salk left unpatented so that it could be used to eliminate the scourge of polio. Also, most public safety services such as fire protection, police and EMS, are largely handled via a socialist style model.
“Advocates of capitalism like to appeal to the sacred principles of liberty, which are embodied in one maxim: The fortunate must not be restrained in the exercise of tyranny over the unfortunate.”
― Bertrand Russell
FireBorn
Level 5
May 30, 2018
4
High 5!
I read this and not all of it is true. Firstly the free market has no morals. In fact the average drug dealer has more morals than the free market. The latter would not sell his grandmother, the former would depend on the market price of grandmothers. As for solving social problems. He does not mention the vast amounts of homelessness in cities like LA. The shear wastefulness of you private health system on so many levels. As for gripes against business vs govt. bodies. No mention of Standing Rock or any Gas company pollution. If what he said was true, all those major corporations could fire their teams of expensive lawyers because no-one would have a problem with them.
It is true that the market will out. If you try to buck it, it will come back and bite your ass but you can steer it in the right direction. Socialism can and does work in conjunction with capitalism in many counties (inc. yours) very successfully.
Its like the joke about the vicar walking past a lovely garden. He says to the gardener "Isnt it wonderful how god can make something so beautiful" To which the gardener replies "Yeah but he makes a sodding shambles if you leave him to it"
273kelvin
Level 8
May 30, 2018
5
Preach!
There are no pure versions of either systems. Hong Kong before 1997 was the closest to free market capitalism yet it still had subsidized transport and a few other things. The USSR got 60% of its food from the 20% of land in private ownership. We all live in mixed systems, the question is in the mix.
273kelvin
Level 8
May 30, 2018
4
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