- 25 Jul 2012 20:10
#14015516
I found an interesting video by Learn Liberty, a Libertarian media site.
The person in the video is making the argument that a free market system is self-sustainable due to reputation and social cooperation. If someone steals from a store, doesn't pay his bills, etc., then the seller will alert other companies to the individual's untrustworthy nature. These businesses do this of their own accord despite being in competition, and they are not forced to do so as the result of government intervention. Basically, the point is that groups of businesses pool their information together for mutual benefits; if they did everything on their own and didn't share information, then thieves can get away with stealing more stuff before getting caught.
This argument is in favor of laissez-faire capitalism, but it's also arguing in favor of collectivism (in regards to the market, and not government). It encourages social cooperation among competing companies to guard against untrustworthy buyers.
What do you think? Does this argument sound collectivist? Can a free market system be voluntarily collectivist?
The person in the video is making the argument that a free market system is self-sustainable due to reputation and social cooperation. If someone steals from a store, doesn't pay his bills, etc., then the seller will alert other companies to the individual's untrustworthy nature. These businesses do this of their own accord despite being in competition, and they are not forced to do so as the result of government intervention. Basically, the point is that groups of businesses pool their information together for mutual benefits; if they did everything on their own and didn't share information, then thieves can get away with stealing more stuff before getting caught.
This argument is in favor of laissez-faire capitalism, but it's also arguing in favor of collectivism (in regards to the market, and not government). It encourages social cooperation among competing companies to guard against untrustworthy buyers.
What do you think? Does this argument sound collectivist? Can a free market system be voluntarily collectivist?
"I think when you spread the wealth around, it's good for everybody."
~Barack HUSSEIN Obama
~Barack HUSSEIN Obama