That's a matter of opinion. I have no such belief in a social cost, other than police, fire, justice. I know many many many people that agree with that perspective.
What part of "justice" does this fall under?
"As West Virginians were learning Thursday of a devastating chemical spill in the Elk River that has rendered water undrinkable for 300,000 people, the US House of Representatives was busy gutting federal hazardous-waste cleanup law.
The House passed the Reducing Excessive Deadline Obligations Act that would ultimately eliminate requirements for the Environmental Protection Agency to review and update hazardous-waste disposal regulations in a timely manner, and make it more difficult for the government to compel companies that deal with toxic substances to carry proper insurance for cleanups,
pushing the cost on to taxpayers."
The part where corporations privatize their coal-related profits while socializing their cleanup costs on the backs of taxpayers?
US House passed bill ravaging toxic-waste law - on same day as W. Virginia chemical spill ? RT USA
I'm a vegetarian. I have a membership to PETA, and I donated money to the Animal Legal Defense Fund. I travel the world, and have spoken to congress on behalf of animal rights.
Yesterday I went to Texas Roadhouse, and ate a massive steak.
Regardless of what others say, regardless of what I say, regardless of anything else I've done...... am I a vegetarian?
No. I'm not a vegetarian. Doesn't matter what others says, or even I say... I'm not a vegetarian, because I ate meat, and the very definition of Vegetarian excludes the action of eating meat.
Back to your post.....
Is this capitalism? If you privatize the profits, but socialize the cost... is that Capitalism?
Milton Friedman: "Capitalism is a profit and loss system. Profit encourages risk taking. Loss encourages prudence"
Is this Capitalism? No. It's not. You can bring up a thousand articles of government engaging in Socialism... and my response will be exactly the same every single time.
Yes georgephillip, Socialism is unjust, and doesn't work. Stop electing socialists that socialize the loss.
Gutting the EPA would not have done anything. Nor would having the EPA pass more regulations do anything.
So how does Free-Market Capitalism work?
Real simple. The company caused an economic loss, just like me hitting your car would cause a loss. The solution would be for me to pay for the repairs to your car. Similarly, the company should pay for the repairs to the damaged water supply. If the company can't afford it, then it closes, thus eliminating them from the economy. Other companies seeing what happens to the bankrupted and eliminated company, would voluntarily without regulations, pay for insurance, or pay for reasonable tighter safety standards.
Instead, because of you socialists, socializing the costs, and passing regulations, small companies will go out of business under the weight of regulations they can't afford. Big wealthy companies will become even wealthier, while at the same time drastically increasing cost to the consumer (supply goes down from less competition, demand stays the same, price goes up).
Meanwhile companies are less likely to make wiser choices, knowing all they have to do is follow regulations, and socialists in government will bail them out.
It's exactly what happened in Banking. Socialism has the same effect regardless of industry.
And by the way, the socialists in government play you people like a fiddle, and use you repeatedly.
I read about an EPA site, of an old factory. The clean up of the site was so clean, that a child who could climb the metal fence, and get on to the abandoned property, miles away from any residential area, could eat dirt... literally eat dirt for 10 days, before getting sick.
The politicians stirred up the public, and debate ensued until finally, additional millions of dollars were spent to the wealthy clean up company, who also happened to back the politicians, in order to make the dirt at the fenced off site clean enough that if a child scaled the fence, they could eat dirt for 41 days before getting sick. (an adult wouldn't be affected at all).
Score for the rich wealthy clean up company, the politicians, and the lawyers. Fail for the tax payers, whose children would never have been able to scale the fence, and honestly if your child is so brain damaged that he shovels dirt in his mouth for days on end, you likely have bigger problems than the toxicity of dirt at an abandoned factory site.
This is socialism at work. Government regulation, control, and dictation to the economy. This is how socialism works around the world, and throughout human history. Just read the stories coming of out Russia over the recent games.