@AlexanderKingsbury
I appreciate your comments.
I’m not an economist so my reply will not be based on economic theory. Instead, I will just express an opinion.
1) when I use #UnfettedCapitalism I really refers to #Regan/ #Thacher economic policy of letting the markets decide what is best for the economy. This has allowed tax havens, consolidation of corporations and enterprises (the big gobbling up the small), reduced competition, greedflation (the pursuit of profits above all other considerations) and the abusive enrichment of a few billionaires given them the power that we are now confronted with.
2) I have no problem with #capitalism which refes to the legal accumulation of wealth by individuals (corporations are legally considered individuals) provided there are ‘limits’ to it. Hence progressive regulations and legislations from govt to ensure a fair and equitable redistribution of wealth as adequate support for required social services (#health, #housing, #transport, and probably a #UBI). And an end to #StateCapture by private enterprises.
3) My akward description of socially responsible economic regulations and policies described as prices chasing wages merely means that society ought not to be forced into a situation where they cannot lodge, feed, educate or look after their health under any circumstances. This can be achieved through progressive #monetary and #fiscal policies as well as tighter regulations of ‘markets’ (we’ve done it before, we can do it again). At the extreme end of the scale, price controls via regulation can be put in place along with, or instead of, profit controls through tax regimes.
4) the good news comes from a society finally realising that capitalism is not an evil if it is tightly controlled (that goes for most, if not all, regimes you can think of). The degree of control depends on the structure of power and differs in each case (social democracy, oligarchy, communism/socialism, theocracy, fascism, etc…) Control is a no brainer, the solution lies in our own individual hands which can exercise invincible power as long as we all act as one using whatever means are approrpiate to topple a regime (economic or political).
I hope this clarifies my last toot for you.
