[quote=CONCHO]Laissez-Faire systems could only work if people were angels, but then of course communism would work great if everyone were angels too.[/quote]
I have to jump in and dispell a common myth about free-market systems. Many people think that free-market systems are complete anarchy, with no controls on anything.
This simply isn’t the case. For a free market to work, contract law and property rights both have to be enforced. Some may say “then it is a regulated environment and not really a free market” to which I reply – you don’t really understand what “free” means.
It doesn’t mean free to do whatever the hell you want at any time without repercussion. It means being free from people infringing on your rights. Once you understand this, I hope it changes your perception of a free market.
Any system would work well if everyone were angels. The question is – given they aren’t do you want a system that protects you from people infringing on your rights or do you want a system that allows government officials (also not angels) to infringe upon your right at any time without your consent? (A simple example would be emminent domain.) I’ll take door #1, thank you very much.
In a free market society, guys like Madoff would be as much a criminal as in any society and possibly punished more severly and swiftly than any.
You don’t need people to be angels, you just have to put systems into place that punish fraud, theft and violet crimes.
I agree that the top-loading of power is a result of human nature and not a reason to prefer one system to the other.
I don’t understand how the fact that luck plays a part in people’s success means free markets are or are not preferable to those with significant central control.
