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Why has Capitalism risen to the top, at least in the Western 'developed' world?
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#2
(Original post by Tednol)
Why has Capitalism risen to the top, at least in the Western 'developed' world?
Why has Capitalism risen to the top, at least in the Western 'developed' world?
Capitalism runs by itself (imperfectly I'll acknowledge) whereas communism is bloody hard work.
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#3
(Original post by Tednol)
Why has Capitalism risen to the top, at least in the Western 'developed' world?
Why has Capitalism risen to the top, at least in the Western 'developed' world?
In the West, every parcel of land, every building, every piece of equipment or store of inventories is represented in a property document that is the visible sign of a vast hidden process which connects all these assets to the rest of the economy. Thanks to this representational process, assets can lead an invisible, parallel life alongside their material existence.
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#4
I like having lots of things, so I guess I like the system which provides the most things.
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#5
(Original post by TheWolf)
Assets outside the West are held in defective forms: houses built on land whose ownership rights are not adequately recorded, unincorporated businesses with undefined liability, industries located where financiers and investors cannot see them. Because the rights to these possessions are not adequately documented, these assets cannot readily be turned into capital, cannot be traded outside of narrow local circles where people know and trust each other, cannot be used as collateral for a loan and cannot be used as a share against an investment.
In the West, every parcel of land, every building, every piece of equipment or store of inventories is represented in a property document that is the visible sign of a vast hidden process which connects all these assets to the rest of the economy. Thanks to this representational process, assets can lead an invisible, parallel life alongside their material existence.
Assets outside the West are held in defective forms: houses built on land whose ownership rights are not adequately recorded, unincorporated businesses with undefined liability, industries located where financiers and investors cannot see them. Because the rights to these possessions are not adequately documented, these assets cannot readily be turned into capital, cannot be traded outside of narrow local circles where people know and trust each other, cannot be used as collateral for a loan and cannot be used as a share against an investment.
In the West, every parcel of land, every building, every piece of equipment or store of inventories is represented in a property document that is the visible sign of a vast hidden process which connects all these assets to the rest of the economy. Thanks to this representational process, assets can lead an invisible, parallel life alongside their material existence.
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#8
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#10
(Original post by piginapoke)
We an conclude from this that there's probably not a lot new to be said about the whole debacle.
We an conclude from this that there's probably not a lot new to be said about the whole debacle.
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#11
I remember reading something the other week "for the hidden hand to operate, there must also be a hidden fist [war]." What do you think of that? Personally I can't think why that must be the case, I imagine markets would still operate without wars.
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#12
(Original post by fishpaste)
I remember reading something the other week "for the hidden hand to operate, there must also be a hidden fist [war]." What do you think of that? Personally I can't think why that must be the case, I imagine markets would still operate without wars.
I remember reading something the other week "for the hidden hand to operate, there must also be a hidden fist [war]." What do you think of that? Personally I can't think why that must be the case, I imagine markets would still operate without wars.
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#13
(Original post by fishpaste)
I remember reading something the other week "for the hidden hand to operate, there must also be a hidden fist [war]." What do you think of that? Personally I can't think why that must be the case, I imagine markets would still operate without wars.
I remember reading something the other week "for the hidden hand to operate, there must also be a hidden fist [war]." What do you think of that? Personally I can't think why that must be the case, I imagine markets would still operate without wars.
Therefore I should think that you'd see a lot less evidence of the hidden hand doing it's funky stuff in times of war.
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#14
Very interesting topic...
Capitalism has risen to the top, I think, because the forces behind it are the strongest in many ways.
I'm not sure about the idea that capitalism "runs itself", surely it requires a fairly hefty state with a police force etc, for its well being?
Capitalism has risen to the top, I think, because the forces behind it are the strongest in many ways.
I'm not sure about the idea that capitalism "runs itself", surely it requires a fairly hefty state with a police force etc, for its well being?
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#15
(Original post by fishpaste)
I remember reading something the other week "for the hidden hand to operate, there must also be a hidden fist [war]." What do you think of that? Personally I can't think why that must be the case, I imagine markets would still operate without wars.
I remember reading something the other week "for the hidden hand to operate, there must also be a hidden fist [war]." What do you think of that? Personally I can't think why that must be the case, I imagine markets would still operate without wars.
Plus, in the domestic context, the police are very much the "hidden fist".
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#16
(Original post by llama boy)
Very interesting topic...
I'm not sure about the idea that capitalism "runs itself", surely it requires a fairly hefty state with a police force etc, for its well being?
Very interesting topic...
I'm not sure about the idea that capitalism "runs itself", surely it requires a fairly hefty state with a police force etc, for its well being?
I was thinking more about the economic angle. How resources find their own destination rather than have it dictated to them. Easier.
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#17
(Original post by Howard)
Yes. You're right in that regard.
I was thinking more about the economic angle. How resources find their own destination rather than have it dictated to them. Easier.
Yes. You're right in that regard.
I was thinking more about the economic angle. How resources find their own destination rather than have it dictated to them. Easier.
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#18
(Original post by Howard)
In fact I'd say the reverse is true. In times of war economies tend to be hijacked by government and converted into command economies. Resourses are diverted from their normal use as demanded by the market to other uses as required by government mandate.
Therefore I should think that you'd see a lot less evidence of the hidden hand doing it's funky stuff in times of war.
In fact I'd say the reverse is true. In times of war economies tend to be hijacked by government and converted into command economies. Resourses are diverted from their normal use as demanded by the market to other uses as required by government mandate.
Therefore I should think that you'd see a lot less evidence of the hidden hand doing it's funky stuff in times of war.
Note to self Innuendo has no place in macroeconomics.
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#19
(Original post by llama boy)
Yes. There's no doubt that a market economy "runs itself" much more than a command economy does.
Yes. There's no doubt that a market economy "runs itself" much more than a command economy does.
Think about it. In London, you can get any sort of food that takes your fancy 7 days a week. Chinese, Russian, French, Italian, Brazilian, Iranian etc.
It amazes me to think that the market alone ensures that the right types and quantities of all these different foods are ordered, delivered, prepared, cooked, and served.
What's more, the market does it unknowingly and without even thinking. Can you imagine government trying to do it?
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#20
My economics teacher tells us that France is only about 50% market economy, the other 50% is planned. Interesting?
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