Capitalism gives New York City a Night Life while Communism gives Pyongyang only Night

Posted by PITHOCRATES - March 1st, 2014

Week in Review

The American left has long had a love affair with communism.  They loved Joseph Stalin.  Until he made a nonaggression pact with Nazi Germany that allowed Hitler to wage World War II.  Which devastated the left.  For they felt their true love betrayed them.  But they rejoiced when Hitler invaded the Soviet Union.  So they could love Uncle Joe Stalin once again.  Even though some 20 million Soviets died because of Stalin’s nonaggression pact with Adolf Hitler.

All during the Cold War the left urged détente with the Soviet Union.  They wore t-shirts with pictures of Che Guevara.  They carried pictures of Chairman Mao.  They admired Ho Chi Minh.  They wanted to normalize relations with Cuba.  They liked Daniel Ortega in Nicaragua.  And just loved Hugo Chávez in Venezuela.  When it came to communist/socialist regimes nationalizing industries and oppressing their people the left professed their undying love.  Why?  Because they hate capitalism.  Just like these communist/socialist dictators.  Who put their people ahead of profits.  Like they do in North Korea (see NASA photo shows North Korea is in the dark by Dylan Stableford posted 2/26/2014 Yahoo! News).

While you were sleeping, North Korea disappeared.

Well, not exactly. But a recent image taken from the International Space Station shows the mysterious, dictator-ruled country almost completely in the dark…

Even the capital of Pyongyang (population: 3.26 million) is a relatively dark, compared with smaller cities in neighboring South Korea and China.

The reason? According to a recent report by the Korea Institute for National Unification, electricity in North Korea is “sporadic and unreliable, with homes that have electricity often receiving just a few hours per day.” About half of North Korea’s 24 million people live in extreme poverty, with most homes and apartments “heated by open fireplaces burning wood or briquettes.” And many “lack flush toilets.”

The North Korean regime hates capitalism.  Just like the American left. Because capitalism puts profits before people.  Which is why New York City has an incredible night life unlike Pyongyang (or any other North Korean city).  Not to mention cellular networks and smartphones.  Broadway and night clubs.  Times Square and Greenwich Village.  Saturday Night Live and The Tonight Show.  Trains and air planes.  Allowing anyone to get where the party is.  New York City.  Things they don’t have in North Korea.  Because North Korea doesn’t have capitalism.  Like New York City.  The city that never sleeps.  Thanks to electric power lighting up the night.  Something North Korea doesn’t have.  Because North Korea doesn’t have capitalism.  Or lights.

The American left loves liberal New York City.  It is the center of their world.  Even though it was built with capitalism.  But the left loves socialism.  And communism.  Where they put people before profits.  And those people sit in the dark doing nothing once the sun sets.  And defecate in holes in the ground because they have no flush toilets.  Something else you can do all night long in heated buildings throughout New York City.  Because New York City has capitalism.  Which makes life better.  At least according to the American left.  For their favorite city is a city that capitalism built.  Unlike that communist city they’re not flying to for a good time.  Pyongyang.

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Communism, Karl Marx, Marxism, Surplus Labor and the Labor theory of Value

Posted by PITHOCRATES - August 20th, 2013

History 101

(Originally published December 13, 2011)

Some would call Putting Profits before People Heaven if they had Lived in the Caring Hell of Communism

No ideology killed more people than communism.  In total numbers.  Such as Joseph Stalin in the Soviet Union.  Or Mao Tse-tung in the People’s Republic of China.  Or as a percentage of population.  Where Pol Pot’s Cambodian genocide holds this honor alone.  These communist leaders killed their people directly for political purposes.  Or starved them to death because of agrarian reforms that produced famines.  All in the name of freeing their people from the horrors of capitalism.

Heaven and hell.  That’s how a defector who escaped communism and made it to capitalism would describe what it’s like to live under each system.  Capitalism would be heaven.  And communism would be hell.  The problem with communism was that it didn’t work.  Economically.  People lived in want of the basic staples of life.  And often went hungry.  When they didn’t starve to death by yet another famine.  And if they complained or spoke out against the system they risked torture.  Or they simply just disappeared.  Banished to a work camp.  A reeducation camp.  Or killed.  So it’s no surprise that people trapped in these countries tried to escape.  Which is why communist states were oppressive police states.  To prevent people from escaping their horrible lives.

And yet to this day some people still hold up communism as the ideal socioeconomic system.  The one that cares about the people.  The one that puts people before profits.  Unlike capitalism.  Which puts profits before people.  Of course some would call putting profits before people heaven.  Especially if they had lived in the caring hell of communism.

Communism as an Economic System is an Utter and Abject Failure

Those who champion communism don’t blame the ideology.  They say it’s the people.  The few who use the ideology for personal gain.  And by few they mean basically everyone.  But if everyone is doing it it’s not the people.  It’s the ideology.  And it goes back to its utter and abject failure as an economic system.

Communism goes back to Karl Marx.  The guy that coauthored the Communist Manifesto in 1848.  And from which we get the terms Marxism.  And Marxist.  To describe varying forms of communism.  And communists.  He’s the guy who said that capitalism exploited the working man.  Those with money (capital) who owned factories, the industrial bourgeoisie, charged more for their goods than they paid their workers to make those goods.  Because Marx believed the value of any good was the labor that made it (the labor theory of value), this excess value (profit) was a labor surplus.  And belonged to the worker.  So he encouraged class conflict.  For the proletariat (the working class) to rise up and take over the means of production from those who owned it.  These middle class capitalists.  The industrial bourgeoisie.  And establish a dictatorship of the proletariat.  So the bourgeois capitalist pig-dogs couldn’t exploit the proletariat any more.  And everyone would then live happily ever after.

But no one ever did.  Like in capitalism.  Where happiness abounds.  Because, in capitalism, the market determines prices.  Not some bureaucrat counting up labor inputs through the manufacturing process.  From the mining of resources.  To the final assembly.  Which can make things very expensive.  And, worse, unwanted by the people.  Because when the market sets the price and assigns value, the market tells people what to make.  Normally when something is a hot seller it tells manufacturers to make more of it.  To cash in on those high prices.  So they do.  And people tend to buy this surge in products.  But when the market isn’t setting the price and assigning value, the market can’t tell people what to make.  So a bureaucrat must.  Which is what happens in communism.  Bureaucrats decide everything.  From what to make.  To the allocation of resources.  To the selling price.  And the things they decide to make are rarely what the people want.  Explaining why stores in communist countries were full of stuff no one wanted to buy.  And why people had to stand hours in line to get the things they did.  Or paid more on the black market.  Which is why communism as an economic system is an utter and abject failure.  And why people wanted to escape it.  Their only obstacle being that brutal and oppressive police state.  Which was necessary because if everyone left that wanted to the communist leaders wouldn’t have anyone to provide for them.

There are no Such Things as Market Failures under Capitalism

Communism was one of the worst man-made tragedies to ever befall man.  Karl Marx was wrong.  And his asinine theories killed tens of millions of people.  People enjoy life and prosper under capitalism.  Under communism they set records for genocide.  Why?  Because the communist economic model is an utter and abject failure.

The struggle between communism and capitalism was an economic one.  And pitted the market against bureaucrats who thought they were smarter than the market.  But it turned out they weren’t.  Not by a long shot.  And despite this history people are constantly talking about market failures and the evils of capitalism.  Much like Joseph Stalin, Mao Tse-tung and Pol Pot.  But for them it was never about the economics.  It was about the power.  Much like it is today.  Because there are no such things as market failures under capitalism.  It’s the bureaucrats who fail.  Not the markets.  At least, based on all recorded history.

Markets fail only when they aren’t free.  They fail when bureaucrats insert themselves into the economic process.  Via regulatory policy.  Or high taxes.  When they try to shape market forces to a political end.  And when they do it is capitalism no more.  It’s crony capitalism.  Or worse.

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Vietnamese Coffee Industry suffers because Communist Vietnam puts People before Profits

Posted by PITHOCRATES - August 17th, 2013

Week in Review

The American left wants more government intervention into the free market.  Because they hate and don’t trust corporations.  Because they are motivated by profit.  Even putting profits before people.  Whereas government puts people before profits.  So everything is better when government intervenes.  Which is why the left loved Hugo Chávez in Venezuela.  They love Cuba.  They loved the former Soviet Union.  Because they were all socialist utopias.  Where they put people before profits.  Of course, people are robbing women of their hair in Venezuelan streets.  Cubans have risked their lives crossing the ocean to reach Florida on just about anything that floats.  And the Soviet Union is no more.  Because they couldn’t provide for their people.  Despite putting their people before profits.

Another communist country the left likes is Vietnam.  Especially since the communists got the Americans to give up and go home.  Vietnam is still communist.  But like China they add a sprinkling of capitalism to the communist stew.  A sort of state-capitalism.  Capitalism with the heavy hand of the government involved.  The way the American left likes it.  And how are things there?  Well, they are having quite the problem in their coffee industry (see Crippling debts brew a coffee crisis in Vietnam by Nguyen Phuong Linh, Ho Binh Minh and Lewa Pardomuan posted 8/15/2013 on The Globe and Mail).

But its coffee industry is now in crisis, plagued by tax evasion, mismanagement, insolvency, high interest rates and a credit squeeze. Many coffee operators are trapped with crippling debt and banks are reluctant to lend them more money.

Vietnam’s credit crunch is blamed largely on state-owned enterprises that borrowed big during the economic boom of the past decade and squandered cash on failed investments, which has left banks crippled by one of Asia’s highest bad-debt ratios…

Few coffee exporters are willing to talk about their financial problems. In communist Vietnam, people are often reluctant to speak publicly about politics and business, especially to foreign media…

Vietnam’s 2013-2014 coffee crop is forecast to be a bumper harvest, around 17 million to 29.5 million 60-kg bags, based on a Reuters poll. This will add to a global oversupply and pressure coffee prices which have lost about 10 per cent since October…

A government assessment of the coffee industry paints a bleak picture. The value of non-performing loans or debts in the sector likely to go unpaid stands at 8 trillion dong ($379-million), or 60 per cent of all coffee industry loans, said a July circular signed by the Deputy Agriculture Minister Vu Van Tam…

Unscrupulous middlemen have also played a part in the crisis, cheating exporters by selling them weighted coffee bags and inferior beans which are difficult to sell or fetch lower prices.

“What I found out is the market there is quite dirty. Middlemen often sell poor beans to exporters. They even put metal bolts in the bags to outweigh them,” said Joyce Liu, an investment analyst at Phillip Futures in Singapore.

You don’t have middlemen putting bolts into bags to make them heavier in free market capitalism.  For any inferior product in a free market doesn’t remain long in a free market.  As people will simply stop buying an inferior product.  And it could take years for a company to rebuild its tarnished image.  If they ever can.  This is what happens when you put profits before people.  People win.

So who caused the credit crunch?  State-owned enterprises.  As people in government are horrible at business.  For if they were good at it they would be in it.  But they’re not so they regulate it.  Or run a state-owned business.  Not because of their business acumen.  But because they had friends in higher places in government than anyone else.

Loans are important in any agricultural business.  Because all of your expenses come long before you can sell anything.  So they take on big debts at the beginning of the season.  That they plan on repaying after the harvest.  As long as prices don’t fall because there is a bumper crop.  But if they do they may not be able to earn enough to repay their bank loans.  Which is why 60% of all coffee industry loans will likely go unpaid.  And why bankers don’t want to loan them any more money.  Or charge a really high interest rate when they do.  For if a banker knows that every other loan he or she writes will never be repaid it makes a banker very reluctant to loan any money.  And what they do loan has to have such high interest rates to cover the loans that are never paid back.

This is why governments should not interfere with free markets.  For when they do they just make everything worse.  Because they’re just not good at it.  Unlike oppressing their people.  That they’re very good at.  Which is why people are “reluctant to speak publicly about politics and business, especially to foreign media.”  Something unheard of in free market economies.  But quite common in these socialist utopias.  Yet the left still favors them over free market capitalism.  Go figure.

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Hong Kong’s Free Market Capitalism makes Safer Baby Formula than China’s State Capitalism

Posted by PITHOCRATES - May 11th, 2013

Week in Review

Kids coming out of American schools learn that capitalism is unfair.  And that greedy businesses will put their customers at great risk to make a buck.  For capitalism puts profits before people.  Which is why we need a government with expanding regulatory powers.  For government puts people before profits.  Like they do in China.  A favorite of those on the left who urge more government intervention into the private sector economy.  Like they do in China.  Where they have a booming economy thanks to wise government bureaucrats.  And safe and happy people because the government prevents those nasty profit-seeking businesses from ever harming a soul (see China’s Parents Crave Illegally Imported Baby Formula by Liza Lin and Julie Cruz posted 5/2/2013 on Bloomberg Businessweek).

For Hong Kong customs agents, baby formula is the new heroin. On March 1 a law went into effect limiting the amount of powdered milk travelers can carry out of Hong Kong to two 2-pound cans each. Since then, more people have been arrested for smuggling baby formula than were caught all of last year with heroin and cocaine…

Many Chinese parents are desperate to get their hands on foreign-made baby formula after numerous food safety scandals in recent years. In 2008 at least 22 Chinese companies were found to have sold dairy products containing melamine, a toxic chemical that can make diluted milk appear to have a higher protein content. Six babies died as a result. In 2011, China’s largest milk producer, China Mengniu Dairy, said in a statement that moldy cattle feed led to excessive toxin levels in its milk. Last year another large milk producer, Inner Mongolia Yili Industrial Group, recalled formula tainted with mercury. “Chinese consumers are so frightened and so sensitive to safety issues with milk powder that they are willing to pay a higher premium than consumers anywhere else,” says James Roy, a Shanghai-based senior analyst at China Market Research Group.

That willingness to pay has led to baby formula shortages in Hong Kong, where food safety standards are higher. The surge in Chinese demand has even hit foreign markets, where baby formula is often cheaper than in China. Over the past year, stores in Germany, the U.K., and New Zealand have put limits on all bulk purchases of formula, such as Danone’s (BN) Aptamil and Mead Johnson Nutrition’s (MJN) Enfamil.

Hong Kong favors free market capitalism.  While China prefers state capitalism.  Where the state regulates the private sector economy with the heavy hand of the government.  So, in Hong Kong you have the economic system that American schools teach students is bad.  Because they put profits before people.  While China has the economic system that the American schools teach is good.  Because they put people before profits.  And which one is better?  Well, food safety standards are higher in High Kong than in China.  Despite putting profits before people.

Or you could say that food safety standards are higher in High Kong BECAUSE they put profits before people.  Because if babies start dying after drinking a company’s baby formula people will exercise their free choice and buy another company’s baby formula.  A very strong incentive NOT to kill babies.  Because it would be bad for business.  And bad for profits.

Whereas in the ‘people before profits’ state capitalism of China if a company kills babies with its baby formula it’s no big deal.  For the state will just force their people to buy the tainted baby formula by putting import restrictions on safe baby formula.  So there is no incentive NOT to kill babies in China.

So which system is better?  If you base it on which protects their people better you have to go with Hong Kong.  For they’re not killing babies with their baby formula.  While the Chinese are.  Which is a lesson the American schools should be teaching.  Instead of the anti-capitalistic curriculum written by those Sixties’ radicals who actually preferred China the way it was under Chairman Mao.  Before state capitalism.  A time of true communist collectivism.  Where tainted baby formula was the least of their problems.  As they were busy setting famine records with their agricultural policies of forced collectivism.  Where they really put people before profits.  For there were no profits.  So things are better in China today.  For they do allow some profits.  But things aren’t as good as they are in Hong Kong.  Where they allow all the profit you can make.  And by putting profits before people the people come out ahead.  As do their babies.

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Used Cars put a Crimp in Venezuela’s Inflationary Policies

Posted by PITHOCRATES - January 27th, 2013

Week in Review

The American Left attacks capitalism for being unfair and evil because it puts profits before people.  Whereas socialism puts people before profits.  Where people give according to ability and take according to need.  Fair, yes?  In the way it makes people want to link arms and sing Kumbaya.  Because everyone has everything they need.  Thanks to that redistribution of wealth.  And exactly how does that work?  Something like this.

An unemployed man with 8 children will get more from the government than a single woman with no children working 12-hour days 6 days a week.  She will have a lot of income the state can tax.  So she has a lot of ability.  While he will get a lot of state benefits.  Because he has a lot of need.  A smart person will look at this and quickly come to the understanding that working hard sucks.  While being a lay-about means you live comfortably on state benefits.  Paid for by people like that woman working 12-hour days 6 days a week.  So in true socialism it’s a contest to show as little ability and as much need as possible.

Sometimes there aren’t enough people to tax.  So to keep the people happy the state spends money it doesn’t have.  By printing more and more money.  Which is what Hugo Chavez did in Venezuela.  Actions which the American Left applaud.  As they applaud Hugo Chavez for putting people before profits.  For unabashedly embracing socialism.  And condemning capitalism.  So Venezuela should be a socialist utopia.  So is it?  Let’s take a look (see Venezuela Ready to Crack Down on Clunker Car Inflation Refuge by Corina Pons & Nathan Crooks posted 1/24/2013 on Bloomberg).

Automobiles purchased in Venezuela, South America’s largest oil exporter, typically gain in value the moment they are driven off the dealership lot. Facing 20.1 percent inflation and capital controls introduced in 2003 that limit the amount of bolivars citizens may take out of the country, Venezuelans invest in durable goods…

Venezuela’s consumer prices last month rose 3.5 percent, the fastest pace in 32 months, the central bank said Jan. 11. Venezuela has the third-highest inflation rate worldwide.

Chavez in 2012 ordered companies to cut prices of shampoo, soap and other personal care products to contain inflationary pressures…

Inflation rose after Chavez restricted dollar supplies in a bid to close a fiscal gap widened by spending before elections in October, in which he defeated challenger Henrique Capriles Radonski by more than 10 percentage points.

The lack of dollars has created shortages of goods that range from toilet paper to detergent and extend to automobiles. Suvinca, a Venezuelan state distributor of Chinese-made cars, posted a notice on its website yesterday that said it had run out of cars and suspended sales…

“The law won’t solve the problem, because it doesn’t resolve the fact that there is still little supply. It won’t reduce demand, either,” Garcia said. “A black market will be created very fast. Instead of solving the problem, it will make it worse…”

“With this law, it will not be permissible to sell a car above the maximum suggested price, and a used car can never cost more than a new one,” Amoroso said. “Notaries will be prohibited from legalizing any transaction that is above the suggested price.”

When you print a lot of money it just makes your money worthless.  Which is why governments frown on people using their computer printers to make money.  If everyone did this money would lose its value.  For it would be as common place as leaves on the ground in autumn.  In countries with high inflation rates people want to spend their money as fast as they get it before it loses too much of its purchasing power.  For the real goods they buy will hold their value.  So it’s a safer place to put your savings.  Instead of in a bank.

The more bolivars (the Venezuelan currency) they print the less each bolivar is worth.  The more they depreciate the bolivar the faster people want to convert them into something that will hold its value.  Like cars.  If the bolivar loses half of its value it will take twice as many of them to buy a car.  So if you own a car its value in bolivars will soar the more of them they print.  Not that people want bolivars.  But they do want dollars.  And getting dollars by selling real goods avoids the inflation problem of the bolivar.  But it also helps to undermine the currency as no one wants to use it.  Or accept it in exchange for valuable goods.

Of course an easy solution to this problem is simply implementing price controls.  If you legally prevent prices from rising in response to runaway inflation problem solved, yes?  No.  Because if prices are held at artificially low levels people will buy so many of these items while the buying is good that these things will disappear from store shelves.  And if the store shelves are empty it doesn’t matter what prices are.  This is why there were gas lines in the Seventies.  Gas sales were so strong that gas stations ran out of gas.  And with prices below real market prices there wasn’t new supply coming on market to meet that excessive demand.  Because having to sell below your costs doesn’t encourage anyone to sell.  Except on the black market.  Where black market prices adjust market supply to market demand.  And everything is available for a price.

This is the socialist utopia that is Venezuela.  Only it’s not a utopia.  It just converts as many people with ability into people with need.  And when there are no longer enough people to tax to provide for those in need societies break down.  And governments collapse.  Unless you have a strong police state.  Which has been the hallmark of all social utopias that put people before profits.  Places like Nazi Germany, the Soviet Union, the People’s Republic of China, North Korea, the communist countries of Eastern Europe, Cuba, etc.  Venezuela, too.

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Communism, Karl Marx, Marxism, Surplus Labor and the Labor theory of Value

Posted by PITHOCRATES - December 13th, 2011

History 101

Some would call Putting Profits before People Heaven if they had Lived in the Caring Hell of Communism

No ideology killed more people than communism.  In total numbers.  Such as Joseph Stalin in the Soviet Union.  Or Mao Tse-tung in the People’s Republic of China.  Or as a percentage of population.  Where Pol Pot’s Cambodian genocide holds this honor alone.  These communist leaders killed their people directly for political purposes.  Or starved them to death because of agrarian reforms that produced famines.  All in the name of freeing their people from the horrors of capitalism.

Heaven and hell.  That’s how a defector who escaped communism and made it to capitalism would describe what it’s like to live under each system.  Capitalism would be heaven.  And communism would be hell.  The problem with communism was that it didn’t work.  Economically.  People lived in want of the basic staples of life.  And often went hungry.  When they didn’t starve to death by yet another famine.  And if they complained or spoke out against the system they risked torture.  Or they simply just disappeared.  Banished to a work camp.  A reeducation camp.  Or killed.  So it’s no surprise that people trapped in these countries tried to escape.  Which is why communist states were oppressive police states.  To prevent people from escaping their horrible lives.

And yet to this day some people still hold up communism as the ideal socioeconomic system.  The one that cares about the people.  The one that puts people before profits.  Unlike capitalism.  Which puts profits before people.  Of course some would call putting profits before people heaven.  Especially if they had lived in the caring hell of communism.

Communism as an Economic System is an Utter and Abject Failure

Those who champion communism don’t blame the ideology.  They say it’s the people.  The few who use the ideology for personal gain.  And by few they mean basically everyone.  But if everyone is doing it it’s not the people.  It’s the ideology.  And it goes back to its utter and abject failure as an economic system.

Communism goes back to Karl Marx.  The guy that coauthored the Communist Manifesto in 1848.  And from which we get the terms Marxism.  And Marxist.  To describe varying forms of communism.  And communists.  He’s the guy who said that capitalism exploited the working man.  Those with money (capital) who owned factories, the industrial bourgeoisie, charged more for their goods than they paid their workers to make those goods.  Because Marx believed the value of any good was the labor that made it (the labor theory of value), this excess value (profit) was a labor surplus.  And belonged to the worker.  So he encouraged class conflict.  For the proletariat (the working class) to rise up and take over the means of production from those who owned it.  These middle class capitalists.  The industrial bourgeoisie.  And establish a dictatorship of the proletariat.  So the bourgeois capitalist pig-dogs couldn’t exploit the proletariat any more.  And everyone would then live happily ever after.

But no one ever did.  Like in capitalism.  Where happiness abounds.  Because, in capitalism, the market determines prices.  Not some bureaucrat counting up labor inputs through the manufacturing process.  From the mining of resources.  To the final assembly.  Which can make things very expensive.  And, worse, unwanted by the people.  Because when the market sets the price and assigns value, the market tells people what to make.  Normally when something is a hot seller it tells manufacturers to make more of it.  To cash in on those high prices.  So they do.  And people tend to buy this surge in products.  But when the market isn’t setting the price and assigning value, the market can’t tell people what to make.  So a bureaucrat must.  Which is what happens in communism.  Bureaucrats decide everything.  From what to make.  To the allocation of resources.  To the selling price.  And the things they decide to make are rarely what the people want.  Explaining why stores in communist countries were full of stuff no one wanted to buy.  And why people had to stand hours in line to get the things they did.  Or paid more on the black market.  Which is why communism as an economic system is an utter and abject failure.  And why people wanted to escape it.  Their only obstacle being that brutal and oppressive police state.  Which was necessary because if everyone left that wanted to the communist leaders wouldn’t have anyone to provide for them.

There are no Such Things as Market Failures under Capitalism

Communism was one of the worst man-made tragedies to ever befall man.  Karl Marx was wrong.  And his asinine theories killed tens of millions of people.  People enjoy life and prosper under capitalism.  Under communism they set records for genocide.  Why?  Because the communist economic model is an utter and abject failure.

The struggle between communism and capitalism was an economic one.  And pitted the market against bureaucrats who thought they were smarter than the market.  But it turned out they weren’t.  Not by a long shot.  And despite this history people are constantly talking about market failures and the evils of capitalism.  Much like Joseph Stalin, Mao Tse-tung and Pol Pot.  But for them it was never about the economics.  It was about the power.  Much like it is today.  Because there are no such things as market failures under capitalism.  It’s the bureaucrats who fail.  Not the markets.  At least, based on all recorded history.

Markets fail only when they aren’t free.  They fail when bureaucrats insert themselves into the economic process.  Via regulatory policy.  Or high taxes.  When they try to shape market forces to a political end.  And when they do it is capitalism no more.  It’s crony capitalism.  Or worse.

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