David B. Shemano wrote:
If you are a radical and dismiss Industrial Policy as a liberal
worthless compromsise intended to salvage the capitalist system,
how is the decision-making going to be better in your "socialist
democratic" system? How will the institutional structures be
more likely to lead to allocating resources to the potential
winners and not the potential losers relative to our present
government decision-making? Or would you argue that the virtue of
a social democratic system is precisely that it does support
losers and not winners (as opposed to the heartless marketplace).
---
This is Hayek's argument against socialism basically.
Who knows, maybe the market is better suited to identifying
"winners" and "losers" but considering the ancillary costs of
imperialist war, environmental despoliation, poverty, etc., I for
one would be happy with a sluggish economy as long as there was
peace, clean air and water, and social and economic equality.
Plus, my 1968 Dodge Dart Slant 6 kicked ass.
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