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Thread: Pure Capitalism

  1. #1
    Senior Member menmon's Avatar
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    Default Pure Capitalism

    Franco sighting Friedman made me think of this. Friedman is quoted saying that Hong Kong was the pruriest capitalism on the planet. This was before China took it back, too.

    I worked over there for a while back in 1998 and will be the first to say his statement was accurate. My other observations were a very few people had a good standard of life and most of them appeared to be very wealthy and they wanted everyone to know it. The working man had very little and was not well educated. Even the folks that worked on the trading desk of a US bank were not creative and would preform any task you asked but you had to tell them exactly what you wanted on every task.

    My point is that pure capitalism creates rich and poor...nothing in the middle. This is why so many have a good way of life here, so some deviation from pure capitalism is a good thing. Obviously socialism is not good either. Therefore, a capitalist society that has rules in place that protect the working man and the consumer is good.

    So the battle goes on. Capitalism wants no bondaries but that is not good overall, so too much conservatism is bad just like too liberal is bad.

    Think about a country with no unions and no government regulations and think about where we would be.

  2. #2
    Senior Member Franco's Avatar
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    There are a lot of people that seem poor in Hong Honk because the cost of living there is the highest in the world. I would guess that many of those worker bees live on the mainland and wouldn't have jobs outside of agriculture if it were not for the businesses in Hong Kong.

    I can relate better to where I live. We've had oil drilling friendly government up until 08. That has brought a lot of prosperity to my area. Because of oil, we have also become a medical hub as we have the most doctors and hospital space per capita in the state. Not to mention the most restaurants per capita than any city in America, which is a sign of our robust economy. Add that we aslo have full employment and recruiters have to go to other areas to fill positions here. Capitalism is thriving here and the Recession that hit the country in late 08 didn't affect us. The reason being we have a friendly business climate, lack of unions and highest wages in the state.

    Lets remember that we in the USA haven't really had Capitailism nor Free Trade and I think the rest of the country should try it sometime. Some regulations are in order but the strangling of investment capital is what is hurting the economy the most. I don't expect that to change until we get some real reform in DC.
    It's such a shame that in the USA, defending Liberty has become such a heroic deed.

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    How does Capitalism create rich and poor?
    "I'm gonna lean up against you, and you lean up against me. That way we don't hafta sleep with our heads in the mud"
    Forrest Gump, 1994

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    Senior Member menmon's Avatar
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    Pure capitalism is survival of the fitest. No rules in place forcing a minimum wage of rules saying time and a half for overtime...nothing says there must me a safe work environment. So you work for what they have to pay you and they only pay what they have to pay you and it does not let you get ahead.

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    I disagree. (I know, you're surprised)
    pure capitalism doesnt turn us all into sweatshop haggards
    "I'm gonna lean up against you, and you lean up against me. That way we don't hafta sleep with our heads in the mud"
    Forrest Gump, 1994

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    Senior Member Gerry Clinchy's Avatar
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    Quote Originally Posted by sambo View Post
    Pure capitalism is survival of the fitest. No rules in place forcing a minimum wage of rules saying time and a half for overtime...nothing says there must me a safe work environment. So you work for what they have to pay you and they only pay what they have to pay you and it does not let you get ahead.
    Friedman did not advocate total lack of regulation. However, he made a reasonable case for why a minimum wage actually prevented those with less education from getting a job where they could learn skills and advance themselves.

    The self-employed routinely work over 40 hrs a week ... often for no additional pay at all
    G.Clinchy@gmail.com
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    Senior Member menmon's Avatar
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    Quote Originally Posted by ARay11 View Post
    I disagree. (I know, you're surprised)
    pure capitalism doesnt turn us all into sweatshop haggards
    The point is that free unbound capitalism creates a few haves and a bunch of have nots...rules gives it a soul. Now if it is too contrained it is bad too. The problems we have experienced such as deregulation of airlines, power, telecom and financials proves the need for rules. And look at how many people are hurting while a few got rich with deregulating the financials.

  8. #8
    Senior Member menmon's Avatar
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    Quote Originally Posted by Gerry Clinchy View Post
    Friedman did not advocate total lack of regulation. However, he made a reasonable case for why a minimum wage actually prevented those with less education from getting a job where they could learn skills and advance themselves.

    The self-employed routinely work over 40 hrs a week ... often for no additional pay at all
    Friedman also said that a minimum wage encourages one to hire fewer experienced workers and pay more than a bunch of non-experienced workers.

    That is a decision the self-employeed make. If you expect a man to spend time away from his family for you, it is not too much to reward him for it.

  9. #9
    Senior Member Gerry Clinchy's Avatar
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    Quote Originally Posted by sambo View Post
    The point is that free unbound capitalism creates a few haves and a bunch of have nots...rules gives it a soul. Now if it is too contrained it is bad too. The problems we have experienced such as deregulation of airlines, power, telecom and financials proves the need for rules. And look at how many people are hurting while a few got rich with deregulating the financials.
    And so does every other system ... in EVERY system, including our own, the ones who ALWAYS live well are the politicians! None of them ever go without food or shelter or health care.

    The question Friedman asks is what other system does more for those at the lowest rungs of the economic ladder. Even compare the middle class.

    There is also no denying that the US (and Canada) have been blessed with incredible natural resources that Europe doesn't have, except for Russia. So, you could compare the US to Russia,

    That is a decision the self-employeed make. If you expect a man to spend time away from his family for you, it is not too much to reward him for it.
    Everyone is free to make that decision. Some people take a second job (no overtime in there) when they aspire to have something extra that is outside their financial means ... providing something extra for their kids, for example.

    And look at how many people are hurting while a few got rich with deregulating the financials.
    And look at how many people have NOT gone to jail for that shell game.

    NOBODY, not even Friedman, advocates for there being NO rules. Talking about rules, did we ever find out if Geithner ever paid his back taxes?
    G.Clinchy@gmail.com
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    Sambo, some people are dumb, lazy, unmotivated etc. They won't excel or succeed under any circumstances. if you are on Facebook check out the pages of Ludwig Von Mises or the Ludwig Von Mises Institute. The man had a great mind for economics and liberty.

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