[tbontob]

Originally posted by geoschmo:
P.S. And Tbontob, Anti-Trust laws are not anti-capitalist, because capitalism needs competition between providers of goods and services. Monopolies are anti-capitalist.

I think this comment would be more appropriately addressed to Ruatha since he was the one who made it.

But I do agree with it. [Edit: Ruatha's remark]

And IMO Teal has it right.

Two centuries ago, capitalism was based on a "let the market mechanism determine what happens and the government should not be involved."

"Lassez-faire" was the term used to both describe and promote the doctrine of minimal government interference in capitalism.

The latin phrase "Caveat emptor" (Let the buyer beware) was also used extensively for the same purpose by implying that the buyer had no one to blame but himself since he should have been more careful in making his decision.

And since the responsibility lay with the buyer, the government should not become involved.

Now if you want to redefine capitalism to include extensive government laws and regulations, well ok.

But it is the same as telling me a mule is a horse. However much they share similiarities, and have the same parentage, IMO a mule and a horse are not the same animal.

Similarly, capitalism in the 18th century is fundamentally different from the capitalism you are proposing.

Further my Websters Collegiate Dictionary defines capitalism as:

"An economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decisions rather than by state control, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market."

Seems to me that when governments pass laws which affect the market place, it changes the private decisions of investors, and interferes with free market competition.

And each law that is passed which affects the market place, takes the country one step further away from capitalism.

[ May 15, 2003, 20:49: Message edited by: tbontob ]