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Discussion and Debate
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Politics
American Politics
why crony capitalism isn't capitalism
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<blockquote data-quote="ziggy29" data-source="post: 61676163" data-attributes="member: 248457"><p>A truly "free market" is a theoretical construct that leads to contradicting itself.</p><p></p><p>Think about it. In a free market with NO government intervention, some businesses could grow so big, so strong, so dominant, that it can easily crush its competition, whether buying them out, using predatory pricing or other size-and-wealth advantages that their smaller competition can't compete with. Companies could collude openly to destroy competition, too. No one would even TRY to create a competitor because it would be obviously doomed to fail.</p><p></p><p>And at that point you no longer *have* a free market with competition -- You have a monopoly which is no longer subject to market forces. This is why there was such a push in the late 19th and early 20th centuries to rein in trusts and monopolies. They are poison to free markets, and ironically they can result from a market that is "too free". </p><p></p><p>Better to have a 90% "free" market which limits corporate power, dominance and "cronyism" than have a theoretical 100% free market which will inevitably turn into monopoly and/or plutocracy -- the antithesis of a "free market". And IMO, we'd be a lot better off if we didn't scream about the other 10% being "socialism", which is becoming the new McCarthyism.</p></blockquote><p></p>
[QUOTE="ziggy29, post: 61676163, member: 248457"] A truly "free market" is a theoretical construct that leads to contradicting itself. Think about it. In a free market with NO government intervention, some businesses could grow so big, so strong, so dominant, that it can easily crush its competition, whether buying them out, using predatory pricing or other size-and-wealth advantages that their smaller competition can't compete with. Companies could collude openly to destroy competition, too. No one would even TRY to create a competitor because it would be obviously doomed to fail. And at that point you no longer *have* a free market with competition -- You have a monopoly which is no longer subject to market forces. This is why there was such a push in the late 19th and early 20th centuries to rein in trusts and monopolies. They are poison to free markets, and ironically they can result from a market that is "too free". Better to have a 90% "free" market which limits corporate power, dominance and "cronyism" than have a theoretical 100% free market which will inevitably turn into monopoly and/or plutocracy -- the antithesis of a "free market". And IMO, we'd be a lot better off if we didn't scream about the other 10% being "socialism", which is becoming the new McCarthyism. [/QUOTE]
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