Friday, April 24, 2020

Risk in capitalism — Chris Dillow

One thing this crisis is demonstrating is that in modern capitalism it is workers and small businesses that bear risk to a greater extent that does larger capital...
Defenders of "capitalism" will argue that the present system in not really capitalism since presently governments privilege capital and in a genuine liberal economics as the basis of ,capitalism, this would not be allowed.

The retort is that, while this may be true theoretically (which is arguable, but that is beyond the scope of this comment), it is hard to argue that the present system is not a form of capitalism when the means of production are privately owned.

There are many forms of capitalism and they manifest historically and geographically.

While neoliberalism may be a distortion of the ideal of economic liberalism, it is the present form of capitalism in most of the West and where the West can impose it.

Stumbling and Mumbling
Risk in capitalism
Chris Dillow | Investors Chronicle

2 comments:

Matt Franko said...

"There are many forms of capitalism "


any non Commie system is then "capitalism!"

Andrew Anderson said...

it is hard to argue that the present system is not a form of capitalism when the means of production are privately owned. Tom Hickey

The Biblical model is roughly equal PRIVATE ownership of the means of production with provisions in the Law (e.g. Deuteronomy 23:19-20, Deuteronomy 15, Leviticus 25) to keep it that way.

It's odd how little this alternative is mentioned in the largely "Bible believing" USA.