Biden: Capitalism without competition is not capitalism. It's exploitation.

[applegrove]

Post by @potus

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Fair competition is the key to my economic vision to build an economy from the middle out and the bottom up – not the top down.
And it’s working.

Biden

[Hermit-The-Prog]

1. Under-regulated capitalism fosters a miserable oligarchy.

[elleng]

14. Capitalism without regulation cannot succeed.

[aggiesal]

15. I always substitute regulations with protections. ...

It drives my conservative capitalists nuts.
A friend works in the mortgage industry and complains about all the regulations since the mortgage meltdown in 2008.

I responded with "... all the protections since the mortgage meltdown in 2008."?

Jaw drop

[elleng]

16. That's good!

I'm a retired Fed govt lawyer, worked @ Interstate Commerce Commission 20+ years, FIRST U.S. regulatory agency!!!

[aggiesal]

18. Regulations are basically protections ...

But Regulations have a negative feel, while protections have a positive feel.

I do the same when anyone mention "Privatization", I substitute with "Profitization".

[elleng]

19. Yes, that's very good, Profitization.

[BComplex]

2. Absolutely true!

Can't be said enough times!

[Yavin4]

3. Technically, capitalism does not require competition.

Nor does it even mean a middle class. These are constructs of social democracy which seeks to tame capitalism.

Capitalism is simply the means of production are held in private hands for the expressed intent of increasing capital to the capital holding class.

[applegrove]

7. "held in private hands" is also a human construct.

The whole thing is a construct. Especially money that allows for markets. Even bartering is a human construct. Two people have to agree.

[llmart]

9. That may be technically true but...

Biden's phrasing reaches those that need to hear it and in a way where they are more likely to understand his policies . Your way of explaining it would fly over most people's heads.

I approve of Biden's message.

[applegrove]

10. Yes. I was argueing with the person who brought up Human constructs.

I was pointing out his dilution of Biden's message with the human construct thing could also be so diluted. I posted the OP because I so think Biden's words ring true.

[KPN]

11. Yeah, you can make that case, but I'm sure you would agree that here in the US

we've had a mixed capitalist economy for much of our history --especially since the Great Depression -- in which both markets and the government play major roles. Competition may not be a requirement of laissez-faire capitalism, but its definitely a key feature of our mixed capitalist system.

[Silent3]

20. Most people who tout capitalism also tout market economies...

…with the zealots overemphasizing an imagined near-magical power of the “invisible hand” of the free market.

You certainly can’t have much of a market economy without competition. And even if not strictly technically correct, I think it’s fair to say that all across the political spectrum when capitalism is mentioned a market economy is an assumed component of that.

[Yavin4]

22. Maintaining a mixed economy is like keeping a wild tiger as a pet.

Since Reagan, our mixed economy has been heavily tilted towards the interests of the capital holding class.

Sooner or later, the tiger gonna tiger.

[DontBelieveEastisEas]

12. Capitalism is not what you say it is.

Capitalism includes concepts of consumption.
And it is not based on the intent of increasing capital to the holding class.

[Yavin4]

21. If the intent isn't increasing capital to the holding class...

then what is the intent? The one true purpose of acquiring capital is to increase your capital. That's what gives you power.

[DontBelieveEastisEas]

23. Intent is for a system that fosters innovation, trade, savings, opportunities and more.

My purpose of acquiring capital, has been to trade it for things I wanted: not to increase my capital.

[Yavin4]

24. That is your goal, but not the goal of the capitalist class.

Innovation, trade, etc. are only for the purpose of increasing capital. In fact, most innovation does not come from the capitalist class. Most innovation comes from academic research and govt sponsored projects. The internet began as a defense project. Pharma drugs come from govt studies.

Capitalists only care about innovation when it can increase their capital.

[limbicnuminousity]

4. Capitalism is doomed.

Competition is irrelevant when the competitors conspire to fix prices. The illusion of competition and the false promise of regulation mean nothing as long as Citizens United remains in place.

Modern day captains of industry and cash-hungry shareholders aren't going to stop raiding your bank account until we've returned to the days of the gold standard and indentured servitude. Eat the rich.

[modrepub]

5. Can't Rail Against "Big Government"

Without addressing Big Business.

[erronis]

6. Nicely stated, Joe.

You are a good President for the people.

[AllaN01Bear]

8. also, vulture capitalisim.

what our prez said , i second that.

[elleng]

13. And capitalism without regulation cannot succeed!

[Wounded Bear]

17. Unregulated Capitalism leads to fascism...

Since the goal of every corporation is 100% market share, capitalism leads to monopoly, and monopoly with unlimited access to power leads to the fascisitic marriage of business and government.

Regulation is necessary to protect democratic institutions.