USA Falls Short on Capitalism, True Capitalism India Style

January 14th, 2012
in econ_news

Econintersect:  Barriers to market entry suppresses true capitalism - and the ability of private enterprise to create jobs.  True socialism requires direct government involvement to create jobs.  The USA is neither capitalistic or socialistic.  Watch this short CNN video on India, and see capitalism.  Indians live with literally no social safety nets.

The working video follows in this post>>>>>>>

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2 comments

  1. Art Patten Email says :
    *----

    First, Re: "Barriers to market entry suppress...true capitalism"

    First, "true capitalism" as defined how? If capital is something which makes one more productive--tools, machinery, software, skills, knowledge, etc--then unbridled competition can go too far. Hypothetically, how productive would the NFL be if teams played every day, year round? This comment radically oversimplifies the concept of BTEs (they're optimization challenges, not linear truisms), and also ignored all the other barriers that might lead one to become a roadside professional.

    Also, we normally insure our capital (e.g., business coverage on PP&E and key personnel, life insurance on the future income our current or expected human capital represents, etc). A lack of social safety nets would hardly seem to foster "true capitalism" from that POV. Please, let's exercise a little more critical thought than Ron Paul and his acolytes, lest we all start to romanticize an absence of social safety nets.

    Finally, it takes a staggering leap of fantasy to get from the cronyism and state overreach India has historically suffered from to "true capitalism," however defined. Some of those roadside professionals may be there because they don't have competing choices available. It seems reasonable to assume they would add far more jobs to the Indian economy if they could afford and obtain proper facilities (if desired).

    "and the ability of private enterprise to create jobs."

    Enough said?

  2. admin (Member) Email says :
    *****

    Art,

    The purpose of this article was to provoke thought - and I agree with the points you raised.

    However, in India there are few barriers to market entry for new business. I do not see the same in the USA.

    Steven Hansen





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