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.
The Navy May Have a Use for the Haunted Zumwalt
The DDG-1000 Zumwalt-class, originally slated for 30+ hulls but only commissioning three has been haunted by failure and late delivery on everything. Now the first hull is being delivered after being retrofitting for Conventional Prompt Strike (CPS) hypersonic...






























