Originally posted by: SleepWalkerX
Originally posted by: Stoneburner
True Laissez faire capitalism was tried in the US during the Robber Baron Era.
We have never had a true laissez faire free market economy. And I like to use the terms wisely. We can call the kind of economy the United States has had, Capitalism. It would be defined as an economy that basis in free market economics, but is far from it because it is consistently distorted and intervened with by the state.
Originally posted by: Stoneburner
Sure there were social programs like public education BUT in terms of the market, it was entirely unregulated.
Far from it. Just one example, our banking system has been regulated and manipulated since 1781.
Originally posted by: Stoneburner
It lead to corruption, monopolization, social stratification, and domestic violence, not to mentioned a consistent 15 year cycle of booms and busts (depressions).
Corruption? Like when the state steals $700 billion and gives it to the wealthy? Corruption exists in life, but always has a chance of disappearing in the market place through competition. Try competing with the State and its guns though.
Monopolization? The only detrimental monopolies that have existed in the United States have been the ones that work with the government. I assume you're referring to the case of Standard Oil. Standard Oil was not truly a monopoly, but even if it was it would be an example of a beneficial monopoly. If one company lowers the price of kerosene from $2 a gallon to $.06 a gallon then does it really need to be broken up? This is the same concept with Wal-Mart (although technically the Wal-Mart corporation would not exist in its current state if it was not for the State).
Domestic violence? This is a social issue, not an economic issue.
A depression is a relatively new term. The United States experienced its first depression in the 1930's. We all know who to thank for that. Previously it was just a serious of economic recessions, which were also caused by
lots of government intervention.
Originally posted by: Stoneburner
Capitalism in the US has always worked when tempered by socialism. Socialism has worked when tempered by capitalism.
Capitalism has always existed in the United States as a form of socialism.