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Full Idea
Capitalism is neither stable nor fair; it has exuberant booms and terrible busts; it has no innate propensity to moderation; it causes inequality and gross imbalances of power and wealth; it seeks profit in the soft option of monopoly.
Gist of Idea
Capitalism has boom and bust, inequality of power and wealth, and a love of monopoly
Source
Will Hutton (This Time No Mistakes [2024], 1)
Book Ref
Cochrane,Tom: 'The Aesthetic Value of the World' [OUP 2021], p.1
A Reaction
A lifetime of insight summed up in an elegant sentence. Roughly speaking, capitalism is economic anarchy.
Related Idea
Idea 24156 Capitalism is the best system for innovation, opportunity and better living standards [Hutton]
| 24158 | Liberalism wants separate powers, press freedom, independence and rule of law, and rights [Hutton] |
| 24157 | Societies should celebrate individual agency, but not mere self-interest [Hutton] |
| 24155 | Capitalism has boom and bust, inequality of power and wealth, and a love of monopoly [Hutton] |
| 24156 | Capitalism is the best system for innovation, opportunity and better living standards [Hutton] |
| 24159 | Western civilization depends on a fully free market, private property, and free speech [Hutton] |