The Myth of Laissez Faire

[dryad73]

I forgot to post this last week. I thought it was a really interesting article. The premise of the article is basically that we do not live under a Laissez Faire system of capitalism so it is ridiculous for everyone (from the media to leaders of Germany and France) to be blaming it for our current economic crisis

Comments

[j_koch]

that's too long of an article for a business hour read, but I made it down to the first numbered item...

1) Government spending in the United States currently equals more than forty percent of national income

With private industry recoiling from risk, laying people off, and generally taking a turtle position in prep for the current / undeclared recession... someone should ask McCain/others if government contracts and spending were "frozen" or cut with a hatchet? sounds like we would have a drop in GDP of 40%. NOT GOOD.

and while I don't know if that literally "physical" definition of laissez-faire is very applicable in the flat, globalized 21st century of the internet, the other (smartass) comment that came to mind is this should dampen the zeal/creditability of the current militant capitalists / most financially conservative individuals that claim that the bailout is a bastardization of our 'free market economy' and the we are headed to socialism / marxism with Obama.

but Rockwell presents a libertarian perspective (correct?), so I recommend all to consider that when reading this...

[dryad73]

Yes, Rockwell is by far libertarian. They are generally very pro free market capitalism based in Austrian economics not Keynesian.

And I don't think the definition of laissez-faire changes based on technological advances. It is more to do with government interference or non interference in the free market.

Yes, definitely a long read for work. Better to print and set beside the toilet ;)