Is Free Market Capitalism the answer to all our economic woes?

[Czernobog]

I would submit that it is not. When one looks at our economic history, the United States enjoyed its greatest period of growth, not because of unregulated free market capitalism. As Cambridge economist Professor Ha Joon Chang notes, America was the most protectionist country in the world from 1830 up until World War Two. In fact, as Chang outlines in his book 'Bad Samaritans' every industrialized economy on the planet grew astronomically by strictly regulating markets, government investment and the protectionism of key industries through nascent stages of development.

It might also be pointed out that, in modern times, every nation of the EU that adopted free market reforms under IMF 'structural adjustment' policies all failed miserably and poverty actually increased.

Now, don't misunderstand me. That is not to say that I am a supporter of communism, or socialism. Rather, that it seems that a blended version of capitalism, mixed with a healthy dose of governmental oversight is the most effective way to build a thriving economy. Now, for those who submit that they agree, then where do they suggest that the "line" should be drawn? What is "reasonable' government oversight?

 

[Indeependent]

It's already failed for close to 99% of Americans.
Middle Class taxes keep the poor from starving.

 

[Mac1958]

No, it is not.

Carefully & efficiently regulated capitalism, finding the proper equilibrium between raw growth and various protections and checks & balances, should be the goal.
.

 

[TNHarley]

What we have no isn't free trade. "American free trade" today is when you can regulate an economy to death, then outsource to third world shitholes who dump nuclear waste in the community lake and use slaves.
AMERICA

 

[Czernobog]

What we have no isn't free trade. "American free trade" today is when you can regulate an economy to death, then outsource to third world shitholes who dump nuclear waste in the community lake and use slaves.
AMERICA

You say that, like there was a time in our economic history when we saw an economic explosion, due to unregulated - or minimally regulated - free market capitalism. When would that have been?

 

[TNHarley]

What we have no isn't free trade. "American free trade" today is when you can regulate an economy to death, then outsource to third world shitholes who dump nuclear waste in the community lake and use slaves.
AMERICA

You say that, like there was a time in our economic history when we saw an economic explosion, due to unregulated - or minimally regulated - free market capitalism. When would that have been?

No I didn't. I support protectionism and free markets. I believe there is a time for both.
I have OFTEN brought up the 18-18th century protectionism as a reason for protectionism.

 

[gipper]

Maybe not but we know with certainty, that socialism and cronyism are most certainly not the answer.

 

[dblack]

Freedom, in general, isn't a solution to a problem. It won't necessarily produce better outcomes.

 

[TNHarley]

Freedom, in general, isn't a solution to a problem. It won't necessarily produce better outcomes.

I disagree with that. Freedom = happiness

 

[gipper]

Freedom, in general, isn't a solution to a problem. It won't necessarily produce better outcomes.

Agreed, but only fools (generally leftists) prefer tyranny to freedom.

 

[dblack]

Freedom, in general, isn't a solution to a problem. It won't necessarily produce better outcomes.

I disagree with that. Freedom = happiness

Sometimes. It's certainly my preference. But I think that libertarians and free-market advocates are making a mistake when they insist that everything will work out better with free markets. Free markets won't necessarily make us safer, smarter or even wealthier. They'll just make us freer. We used to care about that.

 

[AnCap'n_Murica]

Oh, so since laissez-faire capitalism isn't perfect, it's not the best.

And for al you "third way" people, this is what has led to the current crony capitalist state of affairs. In a self regulated marketplace, there is no political payola to be had and no regulating competitors out of business.

 

[Tom Horn]

Countries that don't protect their workers and industries are like a sucker on the end of a cane pole to the rest of the world. The US used to and still can produce everything we need other than coffee and bananas. It's about time we WOKE THE FUCK UP and got our feet back underneath us while/if we still can. Tell the Fortune 500 they have 180 days to return production to their shuttered US factories or face seizure of their inventories as contraband and crippling tariffs. Imagine the economic activity such a mandate would generate.....we'd be out of the woods in two years max.

 

[AnCap'n_Murica]

Countries that don't protect their workers and industries are like a sucker on the end of a cane pole to the rest of the world. The US used to and still can produce everything we need other than coffee and bananas. It's about time we WOKE THE FUCK UP and got our feet back underneath us while/if we still can. Tell the Fortune 500 they have 180 days to return production to their shuttered US factories or face seizure of their inventories as contraband and crippling tariffs. Imagine the economic activity such a mandate would generate.....we'd be out of the woods in two years max.

Congressman Hawley, senator Smoot is on line 3!

 

[Iceweasel]

I'm not an economist and don't play one on the internet but I do know that what we are going is not working. Many that are lucky enough to be employed are underemployed. The government UE numbers are bogus, a 1.1 percent growth rate tells the true story and we haven't hit 3% in many years now.

Businesses are still leaving in droves. Something has to be done, doing more of the same isn't going to work. Not unless you are at the top.

 

[Tom Horn]

Congressman Hawley, senator Smoot is on line 3!

Learn some history, boy.....and not the version your ponytailed socialist professors teach. As the OP made clear, we got rich by protecting our industries and have been living off that wealth for the last 50 years. Now the register is empty and we have over $100T in unfunded liabilities. Your way got us in this mess...keep preaching it and you'll end up selling apples on a street corner.

 

[Czernobog]

What we have no isn't free trade. "American free trade" today is when you can regulate an economy to death, then outsource to third world shitholes who dump nuclear waste in the community lake and use slaves.
AMERICA

You say that, like there was a time in our economic history when we saw an economic explosion, due to unregulated - or minimally regulated - free market capitalism. When would that have been?

No I didn't. I support protectionism and free markets. I believe there is a time for both.
I have OFTEN brought up the 18-18th century protectionism as a reason for protectionism.

Oh. I misunderstood. I agree. Although I think part of the problem is adapting that protectionist mindset to a 21st century global economy. How do you suggest that could be done?

 

[Czernobog]

Maybe not but we know with certainty, that socialism and cronyism are most certainly not the answer.

...you might wanna go reread the OP...
...and, perhaps pay particular attention to the second paragraph...

just a thought...

 

[owebo]

I would submit that it is not. When one looks at our economic history, the United States enjoyed its greatest period of growth, not because of unregulated free market capitalism. As Cambridge economist Professor Ha Joon Chang notes, America was the most protectionist country in the world from 1830 up until World War Two. In fact, as Chang outlines in his book 'Bad Samaritans' every industrialized economy on the planet grew astronomically by strictly regulating markets, government investment and the protectionism of key industries through nascent stages of development.

It might also be pointed out that, in modern times, every nation of the EU that adopted free market reforms under IMF 'structural adjustment' policies all failed miserably and poverty actually increased.

Now, don't misunderstand me. That is not to say that I am a supporter of communism, or socialism. Rather, that it seems that a blended version of capitalism, mixed with a healthy dose of governmental oversight is the most effective way to build a thriving economy. Now, for those who submit that they agree, then where do they suggest that the "line" should be drawn? What is "reasonable' government oversight?

Yes....

Your ignorance and lack of education will not allow you to understand however....

 

[Czernobog]

Freedom, in general, isn't a solution to a problem. It won't necessarily produce better outcomes.

I disagree with that. Freedom = happiness

Sometimes. It's certainly my preference. But I think that libertarians and free-market advocates are making a mistake when they insist that everything will work out better with free markets. Free markets won't necessarily make us safer, smarter or even wealthier. They'll just make us freer. We used to care about that.

Again, I would ask when that was? When did we "used to care about" unregulated (or minimally regulated) economic freedom, and it actually worked out well for us?