The unacceptable face of capitalism

[SpontaneousOrder]

Everything 'works' in that it produces an outcome. Whether that outcome is desirable is a different matter. Feudalism 'worked'.

There's a tacit understanding here of what that desirable outcome is. The problem is that people who claim that capitalism doesn't work in certain markets tend not to understand capitalism or basic economics, and that ignorance causes them to empower people to commit fraud, and sabotages the market's potential to deliver optimal results.

[Old Greg]

Human capital.

Nice try but fail.

capitalist
Line breaks: cap¦it¦al|ist
Pronunciation: /ˈkapɪt(ə)lɪst /
NOUN

A person who uses their wealth to invest in trade and industry for profit in accordance with the principles of capitalism:

capitalist: definition of capitalist in Oxford dictionary (British & World English)

IT contractors make their living by selling their labour, so are workers, even if they are privileged workers.

[Old Greg]

There's a tacit understanding here of what that desirable outcome is. The problem is that people who claim that capitalism doesn't work in certain markets tend not to understand capitalism or basic economics, and that ignorance causes them to empower people to commit fraud, and sabotages the market's potential to deliver optimal results.

But different people have a different view of what a desirable outcome is.

Optimal results for whom?

[SpontaneousOrder]

Nice try but fail.



capitalist: definition of capitalist in Oxford dictionary (British & World English)

IT contractors make their living by selling their labour, so are workers, even if they are privileged workers.

Where is the contradiction?

[Old Greg]

Where is the contradiction?

Do you know the difference between a capitalist and a worker?

[SpontaneousOrder]

But different people have a different view of what a desirable outcome is.

If that's a valid argument, then it also invalidates the idea that the state must restrict the 'extremes' of capitalism. To what end? when different peopel have different views?

[SpontaneousOrder]

Do you know the difference between a capitalist and a worker?

It's a false dichotomy.

[SpontaneousOrder]

You seem to be confusing free trade with capitalism. Look at the relationship in any society between labour and capital and then you will understand whether it is a slave society, a feudalist society, a capitalist society or something else.

I'm not - but free trade (of goods, services, labour, or anything else a man might voluntarily trade with another) is a prerequisite. When you restrict a man's freedom to trade, or not trade - then you kill capitalism. When a deal is a bad one, men must be free to not make that trade - the state prevents that in many cases.

QE wouldn't be a problem if we were free to not participate in the current fiat paradigm. But we're not, and as such we're robbed of wealth every time the state prints another pound.

[Old Greg]

It's a false dichotomy.

It's not even a dichotomy you silly.

But... can you tell the difference between the investment of capital for a return and the selling of labour for a wage?

[BrilloPad]

Do you know the difference between a capitalist and a worker?

I am sure Bernard Manning told that one - remind me of the punchline please.