Democracy and Capitalism Are Mutually Reinforcing | Hacker News Reader

Democracy and Capitalism Are Mutually Reinforcing

marginalrevolution.com

14 pointsmhb13 comments

Hm wonder why the chart of for Hungary cuts off at 2000, going off the other chart it would seem they wanted to avoid any data that got in the way of their point

Eliminating all shades of grey is like looking through half closed eyes. You see what you hope to see.

... because they are both based on unaccountability.

> ... because they are both based on unaccountability.

if we’re looking for a single foundational principle that undergirds both democracy and capitalism, the best candidate is probably individual freedom. Or, more precisely, the belief in the moral and practical value of individual autonomy.

What a load of mindless and brainwashed regurgitation.

> if we’re looking for a single foundational principle that undergirds both democracy, the best candidate is probably individual freedom.

Must be why slave owning ancient greece invented democracy. Right? Because of the love of individual freedom by these slave owning greeks? Must be why slave owning US brought democracy back from the ash heap of history. Because of the love of individual freedom. Has nothing to do with the moral and practical value of individual autonomy. It actually relies on the opposite of moral and practical value of individual autonomy. Democracy was born out of ancient greek theater for a reason.

> and capitalism

Capitalism is fundamentally the idea that people who has/controls/creates capital ( aka the "invisible" hand of the market ) should run the economy. Has nothing to do with "individual freedom".

Take "individual freedom" to mean "absolute freedom for me in particular", the argument maps exactly to American society.

Notionally, yes, it should be individual freedom for all. In practical terms for ~all of history, it means "individual freedom including the freedom and right to subjugate others".

Capitalism has become the individual businessman's freedom to flout the law. Note the reaction when any attempt is made to enforce the law.

That is what I said.

The Shanghai stock market - the third largest in the world - is a pretty strong indicator of capitalism in China. How's democracy doing there?

The free market has been the single most beneficial invention mankind has ever had as it has enabled most of the rest of the innovations. Free speech, freedom of association, and individual rights over government power that is the hallmark of true democracy is what makes life good for most people. We should defend all of these freedoms by shrinking governments and their encroachment on our lives.

It should be pointed out that the free market and capitalism are not the same thing and accumulations of capital can distort the free market without government intervention, in other words you need a larger government if you want an actual free market else you get what's happening in America where you have monopolies everywhere acting as toll gates to nickle and dime everyone who wants to do actual business.

Does democracy help or hinder free markets? In the USA, half the people pay no income tax but they vote on how income tax revenue is spent. In contrast, I don't vote in Microsoft elections because I own no shares.

I feel the same about pensioners and civil servants.

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