So, every other subthread is someone talking #capitalism this and #socialism that with very poor commonality of definitions. So here's one to try on for size:
Capitalism: a system of economics in which the state determines through threat of violence a special group of people who have exclusive say in how capital goods are used.
That covers for example both the USA, and USSR pretty well. any other capitalist countries we'd like to discuss?
In general the USSR fits into the category of state capitalism, the US, plutocracy with an ideology that’s pretend “capitalism”. Singapore is more pragmatically capitalist. They drop kicked neoliberalism right out the door when the policies train-wrecked. But in the US? Plutocracy.
What I do is a very math gear head thing. Go to the definition (I use the IMF’s definition, they have a page on it) then compare
Ah, #capitalism. Neoclasical (mainstream) economic theory tells us it ensures resources will be put to the best, most efficient use. However, ignores the obvious: wealth equals power, so that what is "best" for society is what the richest value.
Like chasing everlasting youth by getting weekly blood transfusions from your teenage son and $40,000 gym membership add-ons.
Wherein I disagree with both interlocutors for different reasons. Keen argues that educating politicians about MMT might make them less subject to banker influence (not really the problem) and rebel capitalist thinks shriveling the fed gov will fix banker influence, which is also not the problem.
Washington state Attorney General Bob Ferguson on Monday sued to block the proposed merger of Kroger and Albertsons, two of the nation's largest grocery chains.
This merger would mean even less choice in shopping. The bastion of free markets (ahem) would have one more sector slip quite close to a monopoly run by people who control government. Very Soviet.