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August 12, 2012



I don't know what is meant by "free markets" and I don't think right wing libertarians do either. Most of them seem to have even less economics knowledge than I do. Does monopoly fit into their definition?

To what extent can monopoly be described as operating in a market given that a monopoly implies zero consumer choice for the product and no alternative suppliers? Monopoly is the ideal form for a capitalist whose sole purpose is to accumulate money


Definitions from Google:

free market:
An economic system in which prices are determined by unrestricted competition between privately owned businesses.

An economic and political system in which a country's trade and industry are controlled by private owners for profit.

The two definitions seem to equate pretty nicely.

Frankly we already have the term "socialism" to describe a system where the corporations and government conspire together against the people. Why must you try and make capitalism mean the same thing?


@ Steve - no they don't.
That definition of capitalism says nothing about competition. It's compatible with a bunch of monopolists carving things up among themselves.
And that definition of free market says nothing about who exactly owns businesses. If workers do so, we can have a free market without capitalism.


I believe Steve believes that we're living in the most socialist of all times, because governments and corporations are conspiring more than ever, which means there must be more socialism around. Right?

Otherwise his entire comment would be utter bunkum.

gastro george

" ... we already have the term "socialism" to describe a system where the corporations and government conspire together against the people."

Is this a blatant troll or is the author just mad?


' The fact-value distinction might not be as sharp as we think.'

Hilary Putnam is highly critical of the idea of a fact-value distinction.


Mike Killingworth

Perhsps someone (probably not Professor Putnam) could explain to me in which contexts it is ethical of me to prefer my children to yours, and in which it is unethical. I really have no idea. I make it up as I go along.

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