From: hal@finney.org
Date: Sun Sep 24 2000 - 20:18:26 MDT
Samantha writes:
> False. Pure capitalism is defined by free trade, voluntary trade among
> free agents. That has everything to do with an ethics of individual
> rights and with democracy. It is democracy in action within the
> marketplace of goods, services and labor.
The first part may be true, about free and voluntary trade, and
individual rights. But let's not get that confused with democracy.
Democracy is rule by the people, which in practice usually means rule by
the majority. In a democratic system, 51% of the people can take property
away from 49%. Democratic systems do not need to respect property rights,
or to allow free trade. A democracy could have many restrictions which
would be incompatible with pure capitalism.
Hal
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