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You ask an interesting question which I believe few, including myself, would be able to answer. I am happy to share some of my thoughts.

My first thought is that for many years, before its return to China, Hong Kong could be considered a s a relatively free and capitalist market. HK was a place where exceedingly rich and poverty stricken poor (sic the Walled City) lived. I would suggest that many of the poor had escaped the communist Chinese regime and somewhat like a new migrant to a country were starting at the bottom. Differing skills sets can also mean that an individual sits at different levels within the social strata. I know of one instance where a Chinese woman escaped communist China, she was bright and managed to get herself into a US University to study science then returned to HK and built her own business - only small but it ensured her family lived a comfortable life. The HK environment allowed this but others would not. It is also worth looking at the last few years of HK as a British “colony” - it became a rat race as each person tried to “make enough money” to escape the impending return to China. Capitalism allowed this but the impetus was I believe something worse.

My second thought is that in the west where many believe they are free and living in a capitalist economy, we are essentially progressing towards an ever increasing degree of socialism, with government control around every corner and a population that is in one form or another paying up to 50% tax to its government so that it can address amongst other things social issues. Many, if not all social programmes are complete failures. As an alternative I would suggest that many people are good and, if not taxed so heavily and allowed to build their businesses without restrictions, they would be more philanthropic and willing to share with others who have not fared so well. I do not condone helping those who will not help themselves - as distinct from those through real circumstances need a hand up instead of a hand-out.

For myself, if the term is capitalism then I vote for it. To me this means minimal government, laissez faire economics, a stable currency such as #bitcoin or even #gold. Stop taxing me, stop regulating me, stop the “nanny state”.

Maybe not the answer you were looking for but I am sure there are many brighter people than me out there that can provide a better answer.

BlueDuckBTC 6mo ago 💬 1

This is a long response so bear with me. I agree that oppressed people, when freed, majority of the time will seek to sustain and better their lives.

You want the system of capitalism to get credit. Let’s give you that assumption and continue.

If capitalism is THE best system, why do capitalist use the State and seek to buy politicians?

Wouldn’t a person who “made it” on pure capitalistic virtues want to ENSURE the State would not need to play any role in others lives…if they could help it?

Answering/pondering those questions will respond to the majority of what you have wrote. I also thank you for cogent rebuttal.

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Discussion

HoylesPattern 6mo ago 💬 2

Thanks for your response on #capitalism .

You correctly note “capitalist(s) use the State and seek to buy politicians”.

I think this is a somewhat “chicken and the egg” situation, ie did business create the environment or #government - I suspect both. Regrettably, those with a capitalist mindset have chosen to adapt to the environment in which they operate in a similar way that a business looking for finance to expand may choose to chase a Venture Capital business if it offered maybe the path of least resistance.

The effect of going to Government is devastating as it cements and ultimately increases the power of Government and causes businesses to follow that path more earnestly.

Philosophically I look at the writings of Ayn Rand (fiction) and the characters running businesses which do not care for whatever the Government may offer or say. I am not sure if I could point to a modern day equivalent. Nor would I say do I agree absolutely with Ayn Rand.

Certainly thought provoking and I respect your views on the matter. Certainly by following you.

BlueDuckBTC 6mo ago 💬 1

I think you and I agree far more than what the surface value may look.

Most people think you HAVE to choose socialism, capitalism, or communism. Personally, I think with technology advancements and #bitcoin with its beautiful complexities, we are obviously entering into new territory. Adam Smith, Karl Marx, Lennon, and Maynard could never have fathomed the tools at our disposal. That being said, nobody is smart enough to be 100% wrong. When you treat an economic theory or societal system as a religion, you are destined to eventually throw the baby out with the bath water.

HoylesPattern 6mo ago

Yes, I would agree. Our systems are far more complex than many can comprehend.

BlueDuckBTC 6mo ago 💬 1

But to also address your response above, sometimes the simplest answer is the correct answer. #capitalism will choose profits over everything. So, yes, one way or another barrier to entries will be established and feudalism will prevail in a capitalistic society.

HoylesPattern 6mo ago

I think we are all trying to find the right balance and sometimes in doing so we swing too hard in one direction or another. When the swings become severe we see a major breakdown in society, etc but we also see major change (sometimes for the better but also sometimes for the worse).

Have a great day