From my observations and interactions, people who dislike the idea of free markets tend to call the U.S.’s current economic system a capitalist system. They cite our current “capitalist” society for the allowance of corporate welfare, oligopolies, and the culture of planned obsolescence.
Those who are fond of the free market and its principles, tell me the U.S. does not have a capitalist economic system, but a “corporatist” one. Corporatism.
I bring this up when talking to those who dislike the idea of free markets, and a response I got was something along the lines of:
“Corporatism is the natural end-result of capitalism. When played out long enough, a capitalist society will eventually transform into a corporatist society.”
The rationale for this angle being, I assume, that as time goes on, competition is eliminated or absorbed, governments become more powerful/prevalent, and/or private-controlled fiat currencies are adopted.
So EPAutos readers, what do you think of this stance? Do you agree or disagree? Will capitalism always degrade into corporatism? I’d really like some insight.