redrider wrote:
Ok, lots of misconceptions in that article, so lets mention a few:
The socialism/communism of Eastern Europe was very quickly replaced by western style socialism/stateism combined with aggressive crony capitalism(its degree dependent on the country).
The Great Depression was caused by government (Federal Reserve excessively constraining the monetary supply).
Ironically capitalism was erroneously blamed which paved the way for introduction of socialism.
Banking problems in 2oo8 were caused by crony capitalism and government dictating that banks give out loans to poor unqualified people.
True capitalism existed in the 19th century and early 20th century, a time of incredible development and improvement in people's standard of living.
We in the west are still benefiting from that time period, while constantly and incorrectly vilifying it.
Example:
When we talk about child labor laws we must compare the state of the children not to our own comfortable developed economies but rather to the time before capitalism and the industrial revolution.
The conditions prior to industrialization were very harsh where children frequently starved and died of diseases.
PS:
Big business is scared of competition not government.
Government they easily manipulate.