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Capitalism Means Policing Big Companies

I wrote a new article called Capitalism Means Policing Big Companies. Here's the introduction:

I’ve changed my mind about corporations. I used to have a negative view of government and a favorable view of industry. Now, I think basically every large corporation is awful – similarly bad to the government. Big companies commit ongoing fraud and other rights violations. They violate laws that would exist even in a fully free market. Therefore, if we had a more capitalist society, that wouldn’t mean companies are left alone more. Capitalism involves protecting rights, enforcing contracts, policing aggression, etc. Our government does a lot of things it shouldn’t, but it also fails to do a lot of things it should. Part of a capitalist society would be a better, more effective government.

I’ve recognized many flaws in specific companies and incidents. But I only recently extrapolated the pattern that all the big companies are bad. Therefore, our government’s failure to police fraud well is a huge deviation from capitalism which a free market society would fix.

I haven’t changed my political principles, like peace, freedom and limited government. Nor have I changed my mind about Austrian economics. But I now hold some beliefs that I haven’t seen anyone else advocate who has similar pro-capitalist principles.

This article is an update on my political philosophy ideas for September 2022. I’ll discuss my principles first. Then I’ll criticize corporations from a pro-capitalist perspective. I’ll focus more on conceptual issues than on the specifics of flaws in current companies, though I’ll give some examples and link to more. I’ll also discuss investors who fund frauds, disagreements with libertarians (e.g. I think capitalism is a limited framework that isn’t meant to address all problems, not a solution for everything), and creative adversaries who don’t initiate force. I also bring up the root cause of the problem (irrational people).

My main theme is that capitalist or libertarian type principles imply a government that actually does enough policing of companies to stop fraud and other initiations of force, not a smaller government that leaves companies alone more.

Read the rest.

Elliot Temple on September 1, 2022


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