Axios: The Corruption of Laissez-Faire Capitalism

Axios:

“Laissez-faire capitalism works very well in theory. The government sets clearly-defined rules, within which corporations compete for profits. Companies win by providing the best products at the lowest price; investors win by allocating scarce capital where it can be put to best use; the country as a whole reaps the benefit.

In an age of corruption anxiety, however, laissez-faire often means that companies themselves get to set the rules. …”

I would argue that laissez-faire capitalism doesn’t even work well in theory.

The theory is based on a number of flawed assumptions that have been discredited. The most important assumption is human equality. It simply isn’t true that all people are created equal. In fact, we now know that some people actually are born more gifted than others. What’s more, we know from fMRI scans and modern neuroscience that some people are more violent and impulsive than others.

I fully grant the point that Axios is making that the wealthy are writing our laws and that their lobbyists are corrupting regulators like we see with Aji Pait and the FCC. As the FCC chairman, his solution to corporate censorship on social media is to stand pat and do nothing because “muh free market principles.” Blompf’s solution to the problem is also “be good.”