They’re talking about capitalism in practice. In practice, economic policy is shaped less by ideology and more by they relative power of economic classes. When the rich have power, they get policies that favor themselves enacted, and vice versa. It’s only in theory that capitalism is about “free markets,” in practice, the rich support free markets if they alternative is something that’s more harmful to themselves (like taxes and nationalization) and oppose them when the alternative is beneficial to themselves (subsidies).
“Free market capitalism” is a purely theoretical idea that has never existed, and will never exist, because someone’s always going to have enough power to get the government to intervene in the economy to promote their own interests. Generally, left-wing people talking about capitalism mean capitalism in practice, not the theoretical idea.
Ignoring the core principle of Capitalism, free markets, makes it impossible to actually talk about Capitalism in theory or in practice.
Your argument against can be used for every other economic system as well, so it becomes a matter of pros and cons which will never declare a clear winner and always demonstrate a mixed economy is best for everyone involved.
I think a blend of Socialism in the form of UBI for basic needs, social housing, full access to education and medical care, mixed with a Capitalist market economy seems likely to be best.
njm1314@lemmy.world 1 month ago
Sure.
Arkouda@lemmy.ca 1 month ago
Feel free to explain how this is a good faith comment.
Objection@lemmy.ml 1 month ago
They’re talking about capitalism in practice. In practice, economic policy is shaped less by ideology and more by they relative power of economic classes. When the rich have power, they get policies that favor themselves enacted, and vice versa. It’s only in theory that capitalism is about “free markets,” in practice, the rich support free markets if they alternative is something that’s more harmful to themselves (like taxes and nationalization) and oppose them when the alternative is beneficial to themselves (subsidies).
“Free market capitalism” is a purely theoretical idea that has never existed, and will never exist, because someone’s always going to have enough power to get the government to intervene in the economy to promote their own interests. Generally, left-wing people talking about capitalism mean capitalism in practice, not the theoretical idea.
Arkouda@lemmy.ca 1 month ago
Ignoring the core principle of Capitalism, free markets, makes it impossible to actually talk about Capitalism in theory or in practice.
Your argument against can be used for every other economic system as well, so it becomes a matter of pros and cons which will never declare a clear winner and always demonstrate a mixed economy is best for everyone involved.
I think a blend of Socialism in the form of UBI for basic needs, social housing, full access to education and medical care, mixed with a Capitalist market economy seems likely to be best.