I read this column from the Daily Telegraph over in the UK. It's a pretty good review of what capitalism really is, and what it isn't. The G20 summit is starting over in London, and as one would expect, the socialists and communists are out in full force, trying to convince the general public that a command economy is the way to go. Clearly these are less than heady times for those of us who believe in free markets, but at the same time people need to realize how big of a mistake it would be to go to a more centrally-planned system.
Here's the thing: You can't equalize outcomes. Any system that tries is doomed to failure, and as history has shown us, causes a lot of loss of life along the way.
Anyway, give it a read, and let me know what you think.
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3 comments:
Good piece, especially as Obama moves to nationalize General Motors. As the Instapundit is saying, the country's in the very best of hands....
It's sort of amazing how one can see the structure of capitalism at work in societies thousands of years ago. It's the natural order of societal development (with very rare exceptions)for the human race. The trick is that capitalism is not designed to "care for people." That's why society must infuse their government with socialist organizations, because we believe in the value of human life. Radical organizations like the FDA. Or the public school system. FICA. And maybe if we can get our act together...health care for everyone?
Amanda is right that we don't actually want absolutely unfettered capitalism. There are certain limits. And Adam Smith and Hayek were both happy to say as much! But what we have here is people who don't understand the basic mechanisms and/or are trying to demagogue the issue. Many people will suffer as a result.
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