Has capitalism been invalidated?

Tibor R. Machan

Global Business and Economics Review, 2009, vol. 11, issue 3/4, 225-233

Abstract: In the wake of the recent financial fiasco, many are rushing to judgement and condemning capitalism as the culprit. This is wrong. First of all no Western country is fully capitalist – they are all mixed systems, with elements of socialism, egalitarianism, capitalism, fascism, the welfare state, communitarianism, etc. with varieties of proportions of these. Second, the cause of the recent mess is more likely government's insistence that everyone must own a home, the egalitarians element of the system! Third, there is so much government regulation in place, and on the increase everywhere, that to claim that the problems arose because there were not enough is incredible.

Keywords: capitalism; free market; welfare state; government regulation; liberty. (search for similar items in EconPapers)
Date: 2009
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