Has Capitalism failed?

[Collin Li]

http://mises.org/story/2895

Excerpt:

Capitalism should not be condemned, since we haven't had capitalism. A system of capitalism presumes sound money, not fiat money manipulated by a central bank. Capitalism cherishes voluntary contracts and interest rates that are determined by savings, not credit creation by a central bank. It's not capitalism when the system is plagued with incomprehensible rules regarding mergers, acquisitions, and stock sales, along with wage controls, price controls, protectionism, corporate subsidies, international management of trade, complex and punishing corporate taxes, privileged government contracts to the military-industrial complex, and a foreign policy controlled by corporate interests and overseas investments. Add to this centralized federal mismanagement of farming, education, medicine, insurance, banking and welfare. This is not capitalism!

To condemn free-market capitalism because of anything going on today makes no sense. There is no evidence that capitalism exists today. We are deeply involved in an interventionist-planned economy that allows major benefits to accrue to the politically connected of both political parties. One may condemn the fraud and the current system, but it must be called by its proper names — Keynesian inflationism, interventionism, and corporatism.

[brendan]

no =p

[Eriny]

I don't think so... I guess it depends on other factors and what kind of capitalism.

[bubble sunglasses]

  Critique of Neoliberalism

"Many of our current crises are the long-term results of a meeting which took place 60 years ago"

 http://www.monbiot.com/archives/2007/08/28/how-did-we-get-into-this-mess/

 Disclaimer: I don't totally agree with Monbiot

[Collin Li]

If any such meeting took place 60 years ago, it was not in the name of capitalism or free markets.

[bubble sunglasses]

If any such meeting took place 60 years ago, it was not in the name of capitalism or free markets.

  What makes you say that? LOL, not having glimpsed the article, maybe

[Collin Li]

If any such meeting took place 60 years ago, it was not in the name of capitalism or free markets.

  What makes you say that? LOL, not having glimpsed the article, maybe

I say this because what followed from that point on was not free markets. In fact, it was about 80 years ago when the New Deal began, and the United States conscripted themselves into a spiral of economic intervention and tyranny.