Tuesday, September 30, 2008

Why is capitalism getting such a bad rap?

A Washington Post article "Young Chinese Rethink U.S.-Style Capitalism" has got me thinking about what capitalism means today. And what the heck does U.S.-style capitalism mean? How is it different from run-of-the-mill capitalism?

The article laments the predicament the Chinese find themselves in because they are overly reliant upon selling their good to the United States. How is that capitalism's fault? Isn't it Business 101 to diversify revenue sources in order to weather hard times?!

I do think there is something to the term "U.S.-style capitalism," but I don't think MSM and most Americans would agree. The term indicates a watered down version of capitalism - capitalism with a healthy dose of socialism and state intervention thrown in. Not that pure capitalism is really feasible or realistic, but I do think that it is possible to forgo a lot of the interventions and regulations that currently exist. I'd love to see how we would do under a more true form of capitalism.

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