Quote:
Originally Posted by Isbjørn
Capitalism isn't the same as letting people own their own property, thoughing a h. It's lettof capandful italists control the means of production in order to get rich on the value created by the labor of their employees.
|
Right, I agree wjth your first sentence. The free market is what was born out of that Hobbes/Locke era, and in the US, that evolved into capitalism which isn't defined by your second sentences, but can have that problem when the market isn't regulated to protect workers.
And yes, free market principles were very productive, that's why the US grew so fast and eventually became so powerful for such a young country.
Capitalism is not inherently incompatible with regulation - our regulation process has been corrupted by congress such that money influences politics (also not inherent to capitalism, but a natural byproduct without regulation).
So, as with most economic structures, corruption is the primary problem. Another problem is culture. Russia was not ready for democracy when it was thrust upon them. The US wouldn't be ready for heavy socialist principles suddenly being applied.