Adam Smith, the primary theorist behind free market capitalism, said it could only exist "within an ethical context." Milton Friedman, the primary architect of free market fundamentalism, said it was only safe if we provided a UBI. 1/2

Feb 21, 2023 · 10:36 AM UTC

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Even they saw that without ethics and care for people, unfettered, deregulated crony capitalism would become a sociopathic phenomenon. And they were right. It has. 2/2
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Replying to @marwilliamson
Agreed, but Socialism has never worked anywhere at anytime. It is a failed experiment.
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Replying to @marwilliamson
Even with a UBI, unfettered capitalism leads to monopoly, abuse, empire-building and feudalism. And fetters are always targeted by aspiring empire-builders.
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Replying to @marwilliamson
Now do Austrian economists
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Replying to @marwilliamson
We need a Federal Minimum Profit-sharing Wage where certain % is set for min wage because increasing flat-rate wages just increases inflation. % wages will give all their fair share of prices & incentivizes. Also, sm biz can’t keep competing against price-monopolizing big biz.
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Replying to @marwilliamson
The fundamental priorities of capitalism are antithetical to ethics. Capitalism supplants other value systems, becoming a justification for it's own lack thereof. Capitalism is a cancer, compulsively growing at all costs.
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Replying to @marwilliamson
The only effective social order is one based on co-operation, not competition.
Replying to @marwilliamson
#FederalJobGuarantee
Replying to @marwilliamson
TRUE Ms. Williamson ~ he also said in "The Wealth of Nations" that "the only way capitalism may work is in a nation where small independent producers and small business owners are the dominant form of business." ....
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Replying to @marwilliamson
It’s the money. Unfettered corrupt money
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