Quote Of The Day

From a commenter over at Kevin Drum’s place. The discussion was about problems with the American educational system:

Yep. And as the posts by Aaron Carroll and Austin Frakt have shown over the last year (link below) the same is true of our health care system. We’ve gone through a 30+ year binge of hypercapitalism, naively believing the free market is a magic bullet for all problems. Health care and education stand as clear counter-examples and unless we get our act together national decline is inevitable.

Yes, the intense reliance on the free market in our education and healthcare systems clearly proves that capitalism doesn’t work. And here I thought that those areas of our economy were dominated by government, not the free market. Silly me!

  • http://thelibertypapers.org/ Quincy

    Will ObamaCare cover what that dude’s on?

  • Phil

    Just a brief suggestion. I believe that the arguments are clouded when both capitalism and free markets are discussed together.
    The discussion would be much cleaner and clearer if we put aside for the moment who owns the means of production. Let’s discuss the simple case of the willing buyer and the willing seller of goods or services.
    I also believe that the issue is more clear if the product or service is directly used by the buyer and directly provided by the seller.
    I would be interested if those who decry hypercapitalism (whatever they mean by that) would be prepared to produce examples of hyperstatism (or whatever term they would choose to use) that result in lower costs as well as happier buyers and sellers.

  • tkc

    It seems odd to me that people would think that ‘hypercapitalism’ and ‘hyperstatism’ would have to be mutually exclusive.
    Capitalism is an economic model. It can exist in a free market or it can exist in an authoritarian regime. It will look and behave differently in each.

  • Phil

    Sorry, tkc, but I didn’t say anything about hyperstatism (which I simply made up in order to get the folks who talked of hypercapitalism to define their opposite of free market)being mutually exclusive to hypercapitalism.