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View Diary: Are Capitalism and Democracy Incompatible? (159 comments)

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  •  Since true capitalism (0+ / 0-)

    has never existed or ever been attempted, it's hard to say.

    I think we're in general agreement about the importance of a state sector, regulation, etc.

    But still, when you say capitalism is responsible for shared wealth, that's just wrong. There is no evidence for it. People resisting capitalism is what is responsible for shared wealth.

    Think of it like this: It's raining. People are getting soaked. So some work together to build a shelter, and now they aren't getting wet anymore. By your logic, we should credit the rain for their new-found comfort?

    Never be deceived that the rich will permit you to vote away their wealth. - Lucy Parsons

    by cruz on Fri Oct 19, 2012 at 06:05:32 AM PDT

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    •  You're putting words in my mouth (0+ / 0-)

      I never said this:

      But still, when you say capitalism is responsible for shared wealth, that's just wrong.
      I said that certain forms of capitalism have been responsible for that, e.g. in the early years of the republic, which while not "regulated" let alone having a welfare system attached to it in the modern sense, resulted in a huge spike in GDP and trade that didn't result in the sort of massive income and wealth inequality that we have today, but was rather distributed far more equally than is the case today. I think that a lot of this can be attributed to direct government intervention in the economy a la Hamilton's ideas, later formalized into the "American System" championed by Clay and other Whigs, e.g. National Bank of the US, Erie and other canals, tariffs, patent laws, etc.

      Obviously in a modern economy effective government regulation, oversight and investment are essential, but that's the sort of capitalism I was referring to, i.e. regulatory command capitalism, not capitalism in and of itself. My point is that it's a necessary but insufficient component in any productive AND fair economy. The same thing can be said of socialism, regulation, investment, etc.

      "Liberty without virtue would be no blessing to us" - Benjamin Rush, 1777

      by kovie on Fri Oct 19, 2012 at 02:38:32 PM PDT

      [ Parent ]

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