To: hoyasaxa who wrote (708 ) 3/12/1999 7:50:00 PM From: Dayuhan Respond to of 36921
Prolific poster A bad sign, that. Time to reduce again... I would argue that what we call "capitalism" today has little in common with the theoretical laissez-faire capitalism that prevailed in the US from 1880-1929. A quick look at the boom/bust cycles of those days gives a ready view of what that system produces. The problem is that industry, given sufficient power, will mess with the invisible hand to create advantage for itself. Every "capitalist" society since has recognized that government must serve as a counterweight and an enforcer of economic rules of engagement. The actual amount of power that government holds, and the restrictions under which it wields that power, are still a matter of intense debate, and will continue to be: it is an evolutionary process. Capitalism and Socialism are the end points on a sliding scale. All functioning systems lie somewhere in between, and one of the main jobs of the political process is determining what point on that scale any system ought to be at any given point in time. In America, certainly, I'd prefer that point to be well slanted to the right, in economic affairs at least. In the Philippines, where I live, it is a little different: we still have major feudal vestiges to contend with, and central government, for all its faults, is the only force that can control them. I do not like to define the debate with the assumption that it is necessary to choose between those two end points. Economic absolutism is as bad as political absolutism. I read Rand a long time ago, the philosophy seemed simplistic and one-sided; from a literary perspective... well, better left unsaid. That is a distant memory, though; it might do with another look. My politics have steered a good distance rightward over the years. JMO, obviously.