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Old 05-12-2008, 04:58 PM
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Towelie Towelie is offline
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Originally Posted by frankdialogue View Post
Towelie, check out the definitions for free market, monopoly capitalism, mercantilism, plutocracy and oligarchy...then we can have a discussion about what 'free market' is...I appreciate your comments, although I don't agree.

Ok I just looked them up.


Free Market

http://dictionary.reference.com/browse/free%20market

an economic system in which prices and wages are determined by unrestricted competition between businesses, without government regulation or fear of monopolies.


Monopoly capitalism

No definition on dictionary.com so I had to use wiki

http://en.wikipedia.org/wiki/State_monopoly_capitalism


The main Marxist-Leninist thesis is that big business, having achieved a monopoly or cartel position in most markets of importance, fuses with the government apparatus. A kind of financial oligarchy or conglomerate therefore results, whereby government officials aim to provide the social and legal framework within which giant corporations can operate most effectively.
This is a close partnership between big business and government, and it is argued that the aim is to integrate labor-unions completely in that partnership.


MERCANTILISM

http://en.wikipedia.org/wiki/Mercantilism

Mercantilism is an economic theory that the prosperity of a nation depends upon its capital, and that the volume of the world economy and international trade is unchangeable. Government economic policy based on these ideas is also sometimes called mercantilism, but is more properly known as the mercantile system. Some scholars conceive the mercantile system as a subset of, or synonymous with, the early stages of capitalism, while others consider mercantilism to be a distinct economic system.



Plutocracy

http://en.wikipedia.org/wiki/Plutocracy


Plutocracy is the rule or power through wealth or by the wealthy. In a plutocracy, the degree of economic inequality is high while the level of social mobility is low. This can apply to a multitude of government systems, as the key elements of plutocracy transcend and often occur concurrently with the features of those systems. The word plutocracy (Modern Greek: πλουτοκρατία - ploutokratia) is derived from the ancient Greek root ploutos, meaning wealth and kratein, meaning to rule or to govern.


Oligarchy

http://en.wikipedia.org/wiki/Oligarchy

Oligarchy (Greek Ὀλιγαρχία, Oligarkhía) is a form of government where political power effectively rests with a small elite segment of society (whether distinguished by wealth, family or military powers). The word oligarchy is from the Greek words for "few" (ὀλίγον olígon) and "rule" (ἄρχω arkho). Compare with autocracy (rule by one person) and democracy (rule by the majority).



Now can we discuss Free Market who's definition applies the closest to my Philosophy?
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