When the Capitalists control enough money to own the government, they prefer Fascism.
When a Communist government is not democratic, it’s too easy for some leaders to want totalitarian control.
That’s also true of Capitalism without democracy to regulate it. Adam Smith, John Maynard Keynes did not believe that there should be no governmental regulations of Capitalism. They understood that governmental intervention was necessary.
Milton Friedman’s notions about Capitalism’s responsibility to maximize profits was and is wrong. Friedman ignored the consequences of “externalities”. Friedman ignored the fact that Capitalist corporations enjoy limited liability for shareholders and the freedom to pollute the environment at the taxpayers’ expense. He also ignored the fact that individual employees have no bargaining power against wealthy employers.
Here’s more insight:
https://m.youtube.com/watch?v=Qt7ORgc-A_U
When the Capitalists control enough money to own the government, they prefer Fascism.
When a Communist government is not democratic, it’s too easy for some leaders to want totalitarian control.
That’s also true of Capitalism without democracy to regulate it. Adam Smith, John Maynard Keynes did not believe that there should be no governmental regulations of Capitalism. They understood that governmental intervention was necessary.
Milton Friedman’s notions about Capitalism’s responsibility to maximize profits was and is wrong. Friedman ignored the consequences of “externalities”. Friedman ignored the fact that Capitalist corporations enjoy limited liability for shareholders and the freedom to pollute the environment at the taxpayers’ expense. He also ignored the fact that individual employees have no bargaining power against wealthy employers.
https://m.youtube.com/watch?v=XQxm1Hi5oCo
Prof. Richard Wolff provides a good overview:
https://m.youtube.com/watch?v=YJQSuUZdcV4