A bad capitalist loses money and becomes less strongly weighted in a sensible list of all capitalists
Markets have very strong self-corrective behavior
What about the auto bailouts and record bonuses in finance after the recent economic crisis? Or do you think this is a case of the faults you point out in democracy (slow, weak punishment) leaking into capitalism?
People use the words “capitalist” and “capitalism” to mean several different things, and a lot of conversations using that word run awry because the participants either don’t realize this — or, worse, become derailed into dictionary arguments about whose definition is legitimate.
For instance, many right-libertarians use “capitalism” to mean an economic system that is simultaneously unregulated and free from coercion and fraud. The way they use the word, the United States today does not have a “capitalist” economy.
Meanwhile, many leftists use “capitalism” to mean an economic system in which a minority of participants own the industrial and finance capital, and through this ownership exercise economic and political power over the majority who make use of that capital to do labor. The way they use the word, the United States does have a “capitalist” economy.
For that matter, some use “capitalist” to mean an advocate of capitalist economy; others use it to mean an owner of capital. A capitalist might not be a capitalist. For instance, right-libertarians might say that Warren Buffett, who advocates increased taxes on the rich, is a capitalist [investor] who is not a capitalist [advocate of unregulated free market].
What about the auto bailouts and record bonuses in finance after the recent economic crisis? Or do you think this is a case of the faults you point out in democracy (slow, weak punishment) leaking into capitalism?
People use the words “capitalist” and “capitalism” to mean several different things, and a lot of conversations using that word run awry because the participants either don’t realize this — or, worse, become derailed into dictionary arguments about whose definition is legitimate.
For instance, many right-libertarians use “capitalism” to mean an economic system that is simultaneously unregulated and free from coercion and fraud. The way they use the word, the United States today does not have a “capitalist” economy.
Meanwhile, many leftists use “capitalism” to mean an economic system in which a minority of participants own the industrial and finance capital, and through this ownership exercise economic and political power over the majority who make use of that capital to do labor. The way they use the word, the United States does have a “capitalist” economy.
For that matter, some use “capitalist” to mean an advocate of capitalist economy; others use it to mean an owner of capital. A capitalist might not be a capitalist. For instance, right-libertarians might say that Warren Buffett, who advocates increased taxes on the rich, is a capitalist [investor] who is not a capitalist [advocate of unregulated free market].