A Quote by Martin Luther King, Jr.
We all too often have socialism for the rich and rugged free market capitalism for the poor.
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The free market is 'socialism' for the rich: the public pays the costs and the rich get the benefit - markets for the poor and plenty of state protection for the rich.
Instead of poor America on socialism becoming more like rich America on capitalism, rich America on capitalism is becoming like poor America on socialism.
We do not have free market capitalism in America; we have crony capitalism. There is a huge difference between free market capitalism that democratizes a country and makes us more efficient and prosperous and corporate crony capitalism.
Gore Vidal, the American writer, once described the American economic system as 'free enterprise for the poor and socialism for the rich'. Macroeconomic policy on the global scale is a bit like that. It is Keynesianism for the rich countries and monetarism for the poor.
The essence of capitalism is expressed in two of its basic features: a) profit maximization and b) market competition. In their abstract formulations none of them was supposed to have anything conspiratorial against the poor. But in real life they turn out to be the "killers" of the poor - by making rich the richer and poor the poorer.
It is not uncommon to suppose that the free exchange of property in markets and capitalism are one and the same. They are not. While capitalism operates through the free market, free markets don't require capitalism.
Competition, free enterprise, and an open market were never meant to be symbolic fig leaves for corporate socialism and monopolistic capitalism.
In a system of free trade and free markets poor countries - and poor people - are not poor because others are rich. Indeed, if others became less rich the poor would in all probability become still poorer.
Since the end of the 1970s, free-market capitalism has been in, and socialism has been out.
Our upside down welfare state is socialism for the rich, free enterprise for the poor.
Once one of the most important steel manufacturing centers in the world, Braddock - what's left of it - solemnly affirms one of the great economic maxims of our society: socialism for the rich, and capitalism for the poor.
The history of capitalism has been so totally re-written that many people in the rich world do not perceive the historical double standards involved in recommending free trade and free market to developing countries.
Ignorance, as well as disapproval for the natural restraints placed on market excesses that capitalism and sound markets impose, cause our present leaders to reject capitalism and blame it for all the problems we face. If this fallacy is not corrected and capitalism is even further undermined, the prosperity that the free market generates will be destroyed.
Capitalism is not about the profit motive. Capitalism is about free markets. What you do in the market, in your free will, is the essence of capitalism.
People think what's in the US today is capitalism. It's not even close to capitalism. Capitalism doesn't have a central bank, capitalism doesn't have taxes, it doesn't have regulations; capitalism is just voluntary transactions. What they have in the US today I call crapitalism. But it's sad that so many people are confused and they think, 'Oh that's free markets in the US', when it's one of the least free market countries on earth.
There is simply no other choice than this: either to abstain from interference in the free play of the market, or to delegate the entire management of production and distribution to the government. Either capitalism or socialism: there exists no middle way.
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