(February 22, 2016 at 5:15 pm)Constable Dorfl Wrote:(February 22, 2016 at 1:37 pm)Jenny A Wrote: I'm a capitalist because it harnesses man's basic selfish instincts for the common good. But monopolies, the tragedy of the commons, and externalities require regulation. Like democracy it is the best of all the rotten choices.
Well, when you start imposing regulation on a capitalist system it no longer is capitalist. One of the defining features of capitalism is the complete lack of regulation.
And frankly that is why its such a horrifically bad economic system, and leads to periodic catastrophic failure.
Personally I don't think any economic system can work going by its exact definition. Pure capitalism is just as ludicrous as pure communism or pure socialism. This is why I'm attracted to the idea of democratic socialism; to me it's the perfect combination of capitalism and socialism.
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