Blaming capitalism because doing a bad thing led to bad results is like blaming a recipe for being bad when you swap the eggs for cottage cheese. When you let companies make rules, that’s government intervention.
Blaming capitalism because doing a bad thing led to bad results is like blaming a recipe for being bad when you swap the eggs for cottage cheese. When you let companies make rules, that’s government intervention.
PeriodicallyPedantic@lemmy.ca 2 days ago
“that’s not real capitalism” seems to be the new “that’s not real communism”.
Capitalism gave unscrupulous people the power to do bad things. It is ignorant to try to absolve capitalism of this.
Capitalism is a tool to concentrate wealth and power, it is absolutely shocked Pikachu when those people use that wealth and power to influence the government to do bad things.
You’re claiming both that the government is the problem for not stopping people from doing bad things, and also you’re saying that the Chicago school was right for pressuring the government to remove their ability to stop people from doing bad things.
ryathal@sh.itjust.works 2 days ago
No I’m only claiming that the government was acting outside it’s role of ensuring a free market. When they do this it leads to distortion and provides a pathway to monopolies. Government has a role to ensure markets stay free by doing things like punishing fraud and enforcing contract law.
What they shouldn’t be doing is providing incentives for specific behaviors, or creating regulatory hurdles that prevent new companies from competing in a market. They also shouldn’t be bailing out companies that are too big to fail or giving them beneficial bankruptcy terms.
It’s not the cars fault for breaking down if you don’t change the oil and add sugar to the gas.
PeriodicallyPedantic@lemmy.ca 2 days ago
You’re can’t have one without the other.
The Chicago school promoted unfettered access to power for companies, they’re complicit in the companies using that power to influence the government to do unhealthy things like defang antitrust regulation.
To use your stupid analogy; if you take your car to the mechanic, and the mechanic tells you that your car doesn’t use oil, then it is the mechanic’s fault when your car breaks down.
Here the mechanic is the Chicago school, you are the govt, and the car is the market.