Nearly everyone complains about capitalism's defects, or market failures. In fact, those are social failures, not specifically market failures, which show up when many rational individual actions create a social situation that displeases everyone. This means that government dirigisme -- state direction or displacement of the market -- cannot be a remedy because who do you think staffs the government and how do they get there? A big difference between the two systems -- market and state -- is that while the market diminishes social defects, the government magnifies them.
Monday, March 25, 2024
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This reminds me of Roderick Long, in an exchange with objectivist Robert Bidinotto, correctly pointed out that government magnifies the power of the rich. I thought that Roderick absolutely destroyed Bidinotto in this exchange, on every point.
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