20 Nov 2022 4:27 pm
Cannonpointer » 20 Nov 2022, 3:05 pm » wrote: ↑ That is why EVERY capitalist society practices socialism. Well - ONE of the reasons.
Capitalism and socialism are both state-sponsored economic systems. They are traveling companions - like love and marriage. They go together like a horse and carriage. This I'll tell ya, brother: Ya can't have one without the other.
I would contend you are arguing for the current mixed system and not pure socialism or capitalism. Socialism is when the government controls the means of production. This is also called central planning and has resulted in complete failure and is primarily only practiced in North Korea now. Capitalism is also in its purist form a right to private property. All means of production are privately owned and the government is not allowed to interfere in markets. This actually was supported by the Supreme Court for a time in the early Progressive era during the Gilded Age but was stepped back due to abuse. Back then under Capitalism you could be paid 50 cents a day to drive stacks in the railroad or mine coal and were expected to like it and support it. This type of laissiez faire Capitalism is practiced nowhere now. Capitalism still exists and the Blockbusters of the world can still fail due to market forces.
Banks are different because in many ways they are critical infrastructure. That's why they were defended although they do have a lot of lobbyists in Washington too. The truth is more complicated but Capitalism is not state sponsored in its pure form, just in the mixed systems that exist in much of the world today.
Nothing is easier than defending the status quo.