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Valid points, but as I've said in my other responses to you, it's not a question of whether markets have faults -- they certainly do.  It's a question of whether markets are BETTER able to minimize the biases toward the powerful and the crooked than other means of allocating resources. And that's where the preponderance of evidence lies on the side of market-based social systems. There's a reason that the OECD capitalist countries are so powerful and have so much higher standards of living than the formerly (and currently) communist countries.  Markets reduce waste, making people wealthier and healthier, and making capitalist nations more powerful than other nations and better able to defend the collective interests of their citizens.
by santiago on Mon Jun 8th, 2009 at 06:03:56 PM EST
[ Parent ]
It's a question of whether markets are BETTER able to minimize the biases toward the powerful and the crooked than other means of allocating resources.

Given the current state of affairs in the USA, including the capture of the federal government by the dominant players in the existing capital market, it is a good question as to the effectiveness, if any, of attempts "...to minimize the biases toward the powerful and the crooked..."  Absent a feasible path towards a strong method to effectively regulate markets the whole argument becomes completely hypothetical, if not moot.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Wed Jun 10th, 2009 at 01:33:00 PM EST
[ Parent ]
santiago:
There's a reason that the OECD capitalist countries are so powerful and have so much higher standards of living than the formerly (and currently) communist countries.

You mean apart from colonial militarism and outright theft?

You're being terribly naive if you really think that markets make people rich without any other factors.

While the OECD basks in its financial superiority, most - if not all - of the countries benefit from straightforward colonial resource extraction of both materials and labour from the rest of the world.

by ThatBritGuy (thatbritguy (at) googlemail.com) on Thu Jun 11th, 2009 at 08:04:44 PM EST
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