Comments on: Reports of the Death of Capitalism

By: Michael

Michael — Wed, 19 Nov 2008 00:24:59 +0000

Oh, I'm just waiting for someone to dispute the truth of it

You want someone to dispute the truth of a platitude? Seriously?

By: Bithead

Bithead — Tue, 18 Nov 2008 05:06:03 +0000

How original...

Oh, I'm just waiting for someone to dispute the truth of it.

Well Bit, you might need to define your terms. Markets and trading certainly predate and have existed without governments. On the other hand capitalism, in the sense of large concentrations of wealth and ownership, etc., probably do require rule of law.

Certainly, yours is a definition often pushed by socialists, such as Obama, but it's not true.

By: Brett

Brett — Sun, 16 Nov 2008 21:25:47 +0000

Don't forget, too, the two years of exhausting preparation for the original Bretton Woods conference.

By: Brett

Brett — Sun, 16 Nov 2008 21:25:08 +0000

If I recall correctly, IMF voting is based on quotas assigned that depend on various criteria like the size of contribution to the IMF and the size of the country's economy. If China's willing to fork over mucho money to the IMF to help it out, I'd be the first to offer them expanded voting rights.

By: odograph

odograph — Sun, 16 Nov 2008 17:45:53 +0000

Well Bit, you might need to define your terms. Markets and trading certainly predate and have existed without governments. On the other hand capitalism, in the sense of large concentrations of wealth and ownership, etc., probably do require rule of law.

By: Michael

Michael — Sun, 16 Nov 2008 17:45:43 +0000

Bithead's rule number 17:
Capitalism exists not because of government, but in spite of it.

How original...

By: Bithead

Bithead — Sun, 16 Nov 2008 17:13:33 +0000

Bithead's rule number 17: Capitalism exists not because of government, but in spite of it.