We don't have "capitalism" in the US. We have "crony capitalism".
Crony Capitalism = an economic system characterized by close, mutually advantageous relationships between business leaders and government officials. - https://www.youtube.com/watch?...
Capitalism = an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.
Free Markets = an economic system in which private business operates in competition and largely free of state control.
When companies can 1. buy, via the government, exemption from prosecution for their products 2. can buy preferential placement in the markets 3. via regulation, force competitors out of the market or from entering the market we do not have a free market economy.
We (US) may have had a free market economy, but that is not our current system. Our government has been playing puppet master for too many years to call it a free market system anymore. To make things worse, the largest Corporations in many markets are now playing puppet master to any politician willing to take money for their next election campaign, and even to the point of writing large portions of bills being submitted so that the wording is in their favor.
In order for capitalism to work, business owners and the government must be will to accept the outcomes of business owners successes and failures. This means no bailouts and no exemptions from reasonable prosecutions for the failure of said products. Along with personal responsibility is the idea of properly informing the consumer about the products (labeling?) being produced/consumed. If a GMO (transgenic) item has shellfish or peanut genes spliced in, the consumer might want to know this before they have to run for their EpiPen or end up in the ER.
Slashdot Mirror
We don't have "capitalism" in the US. We have "crony capitalism".
Crony Capitalism = an economic system characterized by close, mutually advantageous relationships between business leaders and government officials. - https://www.youtube.com/watch?...
Capitalism = an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.
Free Markets = an economic system in which private business operates in competition and largely free of state control.
When companies can
1. buy, via the government, exemption from prosecution for their products
2. can buy preferential placement in the markets
3. via regulation, force competitors out of the market or from entering the market
we do not have a free market economy.
We (US) may have had a free market economy, but that is not our current system. Our government has been playing puppet master for too many years to call it a free market system anymore. To make things worse, the largest Corporations in many markets are now playing puppet master to any politician willing to take money for their next election campaign, and even to the point of writing large portions of bills being submitted so that the wording is in their favor.
In order for capitalism to work, business owners and the government must be will to accept the outcomes of business owners successes and failures. This means no bailouts and no exemptions from reasonable prosecutions for the failure of said products. Along with personal responsibility is the idea of properly informing the consumer about the products (labeling?) being produced/consumed. If a GMO (transgenic) item has shellfish or peanut genes spliced in, the consumer might want to know this before they have to run for their EpiPen or end up in the ER.
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