Why Free Market Capitalism FailsIn this essay, I expose the flaws in the two mechanisms that are supposed to power the free market: Adam Smith's invisible hand and trickle down economics. The notion of the invisible hand holds that in a free marketplace, the buyer's self-interest will tend to drive the price down, while the seller's self-interest will tend to drive the price up, so that both parties' self-interest will naturally cause the price to settle on an amount that both find reasonable. Trickle-down economics maintains that the rich are the ones who start and expand businesses and hire employees, so the laws should favor them increasing their wealth as much as possible so they can hire more people, thus growing the economy.Why Free Market Capitalism Fails3 years ago in Philosophical More Like This
These concepts look good on paper, but the best way to evaluate any idea is to see how it works in practice. Let's start by analyzing nationa
What is Socialism?What is Socialism?3 years ago in Editorial More Like This
Who Owns What?
Socialism is the collective ownership by all the people of the factories, mills, mines, railroads, land and all other instruments of production.
Socialism means production to satisfy human needs, not as under capitalism, for sale and profit.
Who Runs Things?
Socialism means direct control and management of the industries and social services by the workers through a democratic government based on their nationwide economic organization.
Under socialism, all authority will originate from the workers, integrally united in Socialist Industrial Unions. In each workplace, the rank and file will elect whatever committees or representatives are needed to facilitate production. Within each shop or office division of a plant, the rank and file will participate directly in formulating and implementing all plans necessary for efficient operations.
Local and National Government