Without rule of law, a free press and democracy their are no checks to ensure the honesty of a bureaucracy or government. 2008 crisis Cause 1) deregulation of banking sector enacted by Bill Clinton 2) government backed lending to poor credit risks - NINJAS.
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Replying to @simon_enefer @KEEMSTAR and
Many Leninist states are more “democratic” than the United States (not China though), but I don’t recognize either as a fully legitimate form of democracy. They have de facto ruling classes. I’m strongly supportive of a free press, strongly opposed to banks & the housing market.
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Replying to @mediocre_danny @KEEMSTAR and
2. In the UK the elite was primarily from a very small group - a few thousand families - when I was born. This has changed as the UK became more like a meritocracy under Thatcher (they hated her for that!) But further change is needed.
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Replying to @simon_enefer @KEEMSTAR and
Nothing about Thatcher’s reforms were meritocratic. She ruined the rail system and directly led to dozens of accidents.
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Replying to @mediocre_danny @KEEMSTAR and
1. Not directly, but that was the result. She broke up many institutions like the City of London and nationalised industries and open the door to the ambitious middle and working class. She made lots of mistakes to deindustrialisation and not valuing society being just two.
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Replying to @simon_enefer @KEEMSTAR and
The private sector only has reason to be more ambitious while the market’s uncornered, and even then, it’s usu. destructive Corps always either become *less* accountable apathetic monopolies, or divide the country into little fiefdoms, depending on the strength of antitrust law.
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Replying to @mediocre_danny @KEEMSTAR and
I don't buy the business bad concept. No one holds a gun to my head and says buy an iPhone! The more choice we have the more efficient corps have to be. Where it breaks is when government puts its hands on the scales of the market, like it did in 2008.
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Replying to @simon_enefer @KEEMSTAR and
The 2008 crash was due to deregulation of the housing market lol I think smartphone innovations would be better driven by direct customer feedback rather than by the market. Of course, competitive markets can still exist under a market socialist or syndicalist system.
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Replying to @mediocre_danny @KEEMSTAR and
3. As China shows, but how free are those markets? Have you seen the brand new people lesscities in China? China has issued more debt since 2009 than the US Banking system did in the last hundred years. That always leads to a crash. The longer delayed the worse it is.
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Replying to @simon_enefer @KEEMSTAR and
China’s markets are “free with command economy characteristics,” the Milton Friedman classic. They began reforming in the late 70s, and continued down the neoliberal path for decades. Liberalizing the economy w/o democratic mandate was one of the major reasons for Tiananmen.
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(remember, the same dude advised Pinochet)
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