Quote Sal Paradise="Sal Paradise"I agree with the first part but the second part I don't - the world has tried socialising the profit and it didn't work. Without the incentive of profit countries struggle to generate wealth. China has only seen an economic boom since it introduced a significant element of capitalism.
The banking crisis was unique - you had a group of people who could act with impunity - they knew whatever happened nobody was going to let them go bust. That is not the case for virtually every other business. In the socialist model if the industry generated deficits who picks up the bill?
Capitalism is not perfect but what is the alternative?'"
The alternative is responsible capitalism.
Where companies and individuals don't engage in shady deals, or move money glabally to avoid paying their share of tax. Especially when those same companies are benefitting from the products of other taxpayers' largesse. Look at the companies that make $bns from internet services (Google being just one example), how much did Google invest in starting up the world wide web?
The state (in a global rather than domestic sense) is usually the major investor in proposed new technologies. Pioneering medical treatments, communications, alternative fuel technologies, even now-mundane things like colour LCDs (Hull University) were generally pioneered and developed by the state, most of them via the military. The funding for that came from taxation and we are now in the situation where private and publicly quoted companies feel it is somehow right to avoid putting anything back into the system.
Have a look at some of the works of [url=http://www.marianamazzucato.com/Mariana Mazzucato[/url especially [url=http://www.demos.co.uk/files/Entrepreneurial_State_-_web.pdfThe Entrepreneurial State[/url
I accept that the so-called socialist states that we've seen so far have not been raging successes but unregulated capitalism can hardly be called anything like a success either. One thing is certain, rolling back the state will lead to a reduction in responsibility, we're already seeing that in the NHS, where the Secretary of State for Health (Hunt) is seeking to absolve himself of any responsibility for what happens in the NHS. That must not be allowed to continue.
Back on the original topic, it's also interesting to read about [url=http://en.wikipedia.org/wiki/Tower_CollieryTower Colliery[/url, a mine deemed uneconomic and earmarked for closure, yet the miners bought it and worked it for another 14 years.