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vga@sopuli.xyz 4 weeks agoThe golden age of classical liberalism, when capitalism actually worked, the 1700-1800’s, more closely resembles what we would today call market socialism.
I don’t think that’s a valid historical claim. 1700s and 1800s were largely influenced by Adam Smith, with a limited level of governmental intervention and high amount of private liberties.
What western countries currently have is much more like market socialism than classical liberalism. If we take Elon Musk as an example, a large part of his success comes from governmental corruption, direct financial assistance (multiple billions of dollars) and several government contracts.
I think the proper fix would be to return to actual classical liberalism and reject or at least limit the amount of market socialism.
Delta_V@lemmy.world 4 weeks ago
The market didn’t need regulations to maintain its freeness back then because the vast majority of transactions were made with small businesses. The limited technological capabilities in transport and communication also decreased the need for government regulation by decreasing the ability of the largest concentrations of capital to succeed at implementing global anti-competitive strategies.
To achieve the same degree of market freedom today, in the era of omni-national mega-corporations wielding monopoly influence, requires utilizing levers of power outside of the market those mega-corps dominate. The intervention of democratic governments to enforce anti-monopoly laws and prohibit other kinds of anti-competitive behavior is a necessary component of any plant to transform today’s marketplace into one that looks more similar to the market of Adam Smith’s day.