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Capitalism is simply economic activity with NO influence from government (except contract enforcement, fraud and crime prosecution etc.). There are currently no economic systems on the planet where pure capitalism is practiced.
Interesting that even Adam Smith did not adhere to such a simple minded concept of free market capitalism. Only those who have only read a bad Cliff note edition of the Wealth of Nations would make such an definitional argument.
Pure capitalism has NO government involvment at all. It is free trade between honest individuals.
The US has NEVER had pure capitalism but rather had corporate socialism. The US was built on import tariffs that protected domestic industry, and railways were funded by the US gov't who gave land to the railways that could then turn around and sell for a profit. From Day One congress has been a cesspool of corporate lobbyists paying off elected officials.
Thanks for the glossy generic descriptions, and you can have both because most countries are functioning with both now.
for sure, and China seems to be doing well for itself, though I imagine it must be fairly grim there for a lot of people, though a lot of that is due to the Asian autocratic mindset, and not the ideology.
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