Which is the best economic “ism”?

The following was posted as a comment to The Economist editorial with its feature on state capitalism in the January 21 issue.

Does it really matter which “ism” one uses to describe a large industrial economy?

They all feature close connections between the political and economic elites, they all exploit large quantities of resources and they all use the power of the state to enforce legislation which restricts competition.  The “one per cent” applies to all of them.

One has to note The Economist is a strong supporter of the “isms” in that it frequently promotes the concept of “the rule of law”  which is not necessarily justice.

(The author of this comment has a web log on economics at https://economics102.wordpress.com/)


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