On the Left: That old time religion
Jack Batson: On the Left
One of the great debates of the last, oh, 150 years is if capitalism should be regulated. The answer is staring us in the face – yes. The beginning of the latest debates began with Ronnie Reagan and may now end with the Great Freeze in Texas.
I’m going to show that without regulation, capitalism becomes irresponsible and predatory. Fasten your seat belts!
When it’s not morphing into monopolies (more on that problem another time), capitalism sets prices by competition. We all agree that the long-sought “fair price” is the price set by competition. A good or service is worth whatever you agree to pay for it.