Punchline in the last paragraph. ...Jim Thompson
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And Trump is advocating " peaceable, voluntary exchange"?
Jim Thompson's persistent ignorance does suggest that he is stupider than h e used to be
Walter E. Williams in Town Hall is citing Sowell and Hayek - two well known right-wing apologists - who seems to think that the unregulated free marke t can do everything, when in fact a totally unregulated free market collaps es into cartels and monopolies, and the rent-seeking people who control it then act to prevent changes in the system that might disturb their arrangem ent for milking the situation for all it was worth to them.
Socialist are happy to exploit free market mechanisms and decentralised con trol as long, and as far as, it delivers a good outcome for the population as a whole. Delivering better than average outcomes for the more entrepren urial part of the population isn't seen as a problem - it's one of the feed back that keeps the system close to optimal. Socialists do have enough sens e to recognise that natural monopolies do have to be more closely regulated (and that if you don't do it right you get Enrons). Free market groupies - like Sowell and Hayek - don't like any kind of regulation, essentially bec ause they confuse it with the centrally planned economy which is a bad idea , for the reason first pointed out by Mikhail Bakunin in 1870.
Go for democratic control of a largely free market, and you've got modern s ocialism, which works rather better than the plutocracy that the US is now stuck with.
-- Bill Sloman, Sydney
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