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| Government Control Has Been Put To Shame By Competition And Free Market Economics |
| Government control has been put to shame by competition and free market economics. So why there are people still craving more government in their lives i.e. More money going to public education, social security and bailing out wall st.? |
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It's interesting that you raise this issue now when, according to many financial experts, we may be
on the verge of another Great Depression thanks to the antics of free market financiers. Of course,
it's those same former champions of the free market who are now holding out the begging bowl to the
government, asking it to save them from the consequences of their own folly.
There is no clearer example of this than Bears Stearns, the financial institution which collapsed
last week and was absorbed by JP Morgan. Bear Stearns was one of the most notoriously aggressive
firms on Wall Street, disdaining to participate in other government-organised rescue missions
before.
Most commentators realise that the present financial crisis has arisen through lack of regulation.
Left to its own devices, the free market inevitably produces these kinds of bouts of excess and
chaos. It takes government intervention and regulation to keep things ticking along smoothly. |
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Pure capitalism simply doesn't work. There are people who say that we are a capitalist economy, but
without socialist-type intervention this country would suffer tremendously.
The bail-outs of massively important industries (the airline industry, and banks for example)
indicate that capitalism doesn't work.
Some people might argue that if a business is failing, then it shouldn't stay in business - it
serves them right, so to speak.
But if a huge company such as Delta went bankrupt, many many people would feel the effects and the
economy would be rocked.
I think that total control would be overcorrection, but this hybrid economy we share with tons of
countries is the best we have so far. |
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 For and Against Recent Activity
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20 Mar 2008 01:46
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