What are some good and bad things about the economy of Capitalism?
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11-18-2012, 01:08 PM
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Pure capitalism just doesn't work. It doesn't provide the public goods and the goods with high positive externality that an economy needs.
http://rodrik.typepad.com/dani_rodriks_w...ick-3.html Even advocates of the free market such as Adam Smith and Milton Friedman believed the government had to get involved in infrastructure (roads, canals, etc.), universal education, regulation of banking, etc. https://webspace.utexas.edu/hcleaver/www...on1955.htm All these are intrusions into the market. On the other hand, when properly regulated, http://www.lrb.co.uk/v32/n08/joseph-stig...stent-hand free markets do produce more of the private goods and services people want: http://delong.typepad.com/sdj/2010/10/ho...atter.html That is why every developed country, including the U.S. from its founding, is a mixed economy: Some people advocate capitalism not because they think it works, but because it is "morally right" http://www.bostonreview.net/BR36.5/ndf_j...iberty.php http://cscs.umich.edu/~crshalizi/weblog/253.html Most who take this postion don't really believe it, We know because they don't act as if they do http://delong.typepad.com/sdj/2011/01/li...iples.html http://www.thenation.com/article/163672/...l-security and economists believe in "revealed preferences" http://en.wikipedia.org/wiki/Revealed_preference For a more extreme but very well thought out critique: http://crookedtimber.org/2011/02/02/g-a-...capitalism Ads |
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What are some good and bad things about the economy of Capitalism? - Bluegirl180 - 11-18-2012, 12:59 PM
[] - simplicitus - 11-18-2012 01:08 PM
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