Nearly everyone complains about capitalism’s defects, or market failures. In fact, those are social failures, not specifically market failures, which show up when many rational individual actions create a social situation that displeases everyone. This means that government dirigisme — state direction or displacement of the market — cannot be a remedy because who do you think staffs the government and how do they get there? A big difference between the two systems — market and state — is that while the market diminishes social defects, the government magnifies them.
Anti-War Blog – “Never Again”
“Never again.” Those words were spoken in the wake of the second world war, the revelation and realisation that a sophisticated, educated and civilsed nation of people could commit atrocities of such a scale. Not merely a genocide, a regime of torture, slavery and...
