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Thoughts on laissez-faire capitalism?

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whowasthatmaskedman · 70-79, M
Capitalism NEEDS strong , enforced regulation to keep the market truly free. Laissez Faire, quickly becomes Laissez Unfair and pretty soon you have America.
MasterLee · 56-60, M
@whowasthatmaskedman strong enforced regulation = socialism
33person · 26-30, M
@MasterLee Social ownership of the means of production is socialism. It comes with strongly enforced regulation, yes, but a bowl of milk is not a bowl of cereal.
MasterLee · 56-60, M
@33person how profound
33person · 26-30, M
@MasterLee Same to you.
whowasthatmaskedman · 70-79, M
@MasterLee You clearly have been watching way too much Fox and not reading. Communism is the only political form where the means of production is owned or directly controlled by government or the "people."
Socialist DOES include government functioning to provide "public goods" like infrastructure, Education and hospitals for all citizens. as a service, Not as a profit seeking activity. It should be noted that in many countries there is a second tier system for those who are willing to pay for a higher level of service and they often receive tax credits for NOT occupying the basic public services.
But socialism also provides a robust regulatory framework to keep industry honest and protect the "people" from price gouging, profiteering and damage to the environment as well as consumer protection and other sharp practice industry can think up to milk the people.
@MasterLee [quote]strong enforced regulation = socialism[/quote]

Socialism requires state production of capital and state distribution of wealth.

Regulating a market can be done with neither. Like the regulation that you can't dump shit in the water or sell benzo's over the counter.
MasterLee · 56-60, M
Sigh you folks have no life
@whowasthatmaskedman Well, from the perspective of the Austrian school economists like von Mises and Hayek, you could argue that America has never had a free market.