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View Diary: Camel Purée (198 comments)

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  •  Basically true (1+ / 0-)
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    yaque

    The problem with your thesis is that while communism and socialism are both inherently dysfunctional, i.e., they will never work properly due to the concentration of power in the hands of the few who will inevitably be corrupted, capitalism/free markets can work if properly regulated to avoid conflicts of interest and fraudsters who constantly prey upon the gullible.  

    But the Republicans' fanaticism about free markets as the perfect solution to economic problems caused the debacle of 1929 and 2008.  We collectively forgot why FDR implemented the SEC, Glass-Steagall Act, and numerous other rules to regulate financial markets.

    We forgot the hard lessons that our grandparents learned in 1929 and we were condemned to repeat that history - Don't let Wall Street run wild.

    •  Socialism and communism work fine.... (1+ / 0-)
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      Calamity Jean

      ....as theories. So does capitalism.

      But no "ism" is going to work as postulated in any theory. I agree that capitalism will tend to work a bit better because it's predicated on the idea that people will work harder and smarter when it's for their own, individual benefit. In that way, capitalism is more realistic when it comes to human nature.

      However, unchecked and unbalanced, capitalism too will tend to "concentrate power in the hands of a few who will inevitably be corrupted."  The mess we are in now is proof of that.

      My real point is that no large scale human system  is capable of static perfection. Like any delicate and complicated machine, they all require constant adjustments...and constant watching.

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