4/6/2023 0 Comments Hand of fate noble traderThe problem of “ regulatory capture,” in which regulatory agencies work to benefit the industries they were intended to control is very real.įirst, when an agency is initially created, it needs experts on the industry it is supposed to monitor. In fact, much regulation is designed to enable the “haves” to retain and increase their material advantages. Regulated markets result in even more inequality. Unregulated markets result in wealth inequality. The idea that such people “owe society” or should “give back to society” is exactly backwards. In other words, people with money in their pockets have benefitted others but have not yet received anything of comparable value in exchange. Today, it more often means the exchange of goods or services for paper IOUs that we call “money.” In a free market, money is documentary proof that the bearer has provided goods and services that others valued as demonstrated by the fact that they willingly exchanged the products of their own labor for them. Trade used to mean the literal exchange of one good or service for another good or service. By contrast, socialism and communism have historically channeled resources to the most ruthless and murderous: Lenin, Stalin, Mao Zedong, Castro, Pol Pot, Mugabe, Ortega, Chavez, Maduro. Moreover, the free market automatically channels resources to those who most efficiently use them to improve the lives of consumers worldwide. Wealth is more concentrated in many socialist and socialist-leaning countries (e.g., South Africa, Zimbabwe, and Nicaragua) than it is in free market countries. Capitalism results in the concentration of wealth in the hands of the few.
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