Letter 36

One of the most insidious and successful ideological scams ever was convincing people, even economists that Capitalism and free markets mean the same thing.

Capitalism, like most "isms" is about who has control. The end-stage of Capitalism doesn't result in free markets, it results in control by those who have the most capital, just like it says on the label.

Monopoly and consolidation are the end stage of unregulated Capitalism. We saw that as soon as regulatory guidelines were effectively gutted in the 1980s. We are seeing it in every industry as fewer and fewer competitors exist in most profitable industries as they are bought up by the capital-rich.