May 19, 201511 yr Looking for serious answers and debate. Do you think Capitalism works? What works better?
May 19, 201511 yr Capitalism has a few warts but it is the only system that continually works.. All others, socialism, communism, etc have failed miserably..
May 19, 201511 yr Friedman;s comment are accurate. However, every system - including a free market system that leverages capitalism - can fail the 'common person'. Free market / capitalism (I believe they are somewhat separate 'systems' but also tightly related) can fail the average person. Hence why there must safeguards in place. Monopolization, exploitation of labor, over-consumpition of natural resources are elements that should be safe-guarded. So free market/capitalism has potential and at times real issues that can be very negative. What is most needed are leaders of business who have a sense of responbility that goes beyond solely the infamous 'bottom line' or their accountant's spreadsheets. Free market/'capitalism can be the goose that lays the golden egg. But, as the story goes, if the goose is overworked or abused - the golden eggs for both the owners of the business and workers will stop eventually. The free market (Adam Smith concepts) allows for the things Friedman talks about. Capitalism - the act of investing capital to get a return - a crucial element of that. It is the basis of a free society where there is no central command - either government or banks, etc. But like freedom in the political sense - it comes with responsibility.
May 19, 201511 yr Friedman;s comment are accurate. However, every system - including a free market system that leverages capitalism - can fail the 'common person'. Free market / capitalism (I believe they are somewhat separate 'systems' but also tightly related) can fail the average person. Hence why there must safeguards in place. Monopolization, exploitation of labor, over-consumpition of natural resources are elements that should be safe-guarded. So free market/capitalism has potential and at times real issues that can be very negative. What is most needed are leaders of business who have a sense of responbility that goes beyond solely the infamous 'bottom line' or their accountant's spreadsheets. Free market/'capitalism can be the goose that lays the golden egg. But, as the story goes, if the goose is overworked or abused - the golden eggs for both the owners of the business and workers will stop eventually. The free market (Adam Smith concepts) allows for the things Friedman talks about. Capitalism - the act of investing capital to get a return - a crucial element of that. It is the basis of a free society where there is no central command - either government or banks, etc. But like freedom in the political sense - it comes with responsibility. Spot on. :thumb:
May 19, 201511 yr Europe has been trying a blend of Capitalism and Socialism which hasn't been too successful lately.
May 19, 201511 yr Author Agree with Bluegrasscard. Unfettered capitalism does not work.I would argue that unfettered Capitalism works better than any other "ism".
May 19, 201511 yr Agree with Bluegrasscard. Unfettered capitalism does not work. I would argue that unfettered Capitalism works better than any other "ism". I did not really mean that it would not work but that it would not benefit all the stakeholders especially the common person. Unfettered capitalism lead to poor wages, long hours and fairly poor working conditions for the average worker at times. But did it work for Rockefeller, JP Morgan and Carnegie? Yes. Did they build infrastructure that no other '-ism' could have built in such a sort time to propel the US into the lead of the industrial revolution? Yes. And in that sense the nation overall and long term benefited.
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