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175 sats \ 4 replies \ @Undisciplined 31 Jan \ on: Capitalism, Emotions, and Ayn Rand's Contradiction (WSJ, Rainer Zitelmann) BooksAndArticles
I think people mostly do like what capitalism is, but they dislike what they think capitalism is.
Not enough faith in self interest and the invisible hand of Adam Smith
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That's true too
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Libertarians forget how Adam Smith warned of the inherent tendency of merchants to collude in order the swing the market in their favour.
Free markets are an illusion- regulation is essential to prevent merchants from rigging markets.
The best example of this is in modern day empire USA where now the biggest merchants own the government via patronage - compared to CCP China where the government strictly regulates markets to prevent rent seeking.
Chinas economy is growing and coming to dominate the world while USA declines under its crony capitalism.
China exhibits a more functional example of capitalism by regulating capital while capital in the empire USA now owns and controls the government.
The most powerful and productive capitalism requires some government involvement and restriction of market rigging by major companies and power projection to enhance its economy, markets and resource hegemony.
China is building its Belt and Road empire of global infrastructure while the US empire crumbles under crony capitalism, tariffs and rigged rentseeking monopolist markets.
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That the only real, free market is called the black market these days is all you need to know...
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