Comment Re:ehhhhh (Score 0) 409
Your last reply was much more conducive to a rational discussion, thank you. I'll keep this reply short, as its the last one I'll make on this thread.
Saying that 12 people owned the economy 100 years ago is just silly. The market is a wildly complex and dynamic creature made up of the interactions of all who particpate, basically the entire citizenry. I will agree that there was power concentration, but this will happen in any situation. Take communism in Russia for example, where essentially power accumulated into a very small political ruling class (sound familiar?). The difference with pure capitalism is that there is actually a means for the power concentration to change. If any of those 12 people you mention had made a continual effort to crowd out all competition it would eventually depleat their resources to the point where effective competition would be possible, or it would bankrupt them; note, I am not disagreeing with temporary (even if years long) concentrations of power, just saying pure capitalism offers the means for change through the dynamics of the market.
The intracicies of what I previously mentioned with barriers of entry etc.. are the most important part of the discussion, they illustrate the complexities of the market and the fact that no one power concentration could hope to be maintained indefinitely without government assistance, of which I gave several pretty damn good examples.
I don't suggest there is an invisible hand making intelligent decisions through the citizenry. I am merely saying that a pure free market prevents any one power base from exercising total control indefinitely, like you see by countless examples throughout history. This is not make believe, this happens then this happens, its demonstrable. A purely simple and humurous analogy (not necessarily completely accurate): A lion pride may have effective domination of a certain market, but you get enough buffalos together and they can drive them out: http://www.youtube.com/watch?v=KQ1Z3QGAmx4&feature=fvsr
In closing, the capitalist and free market American government gave the world the largest middle class ever seen in history. The wealth gap was pretty stable for like 200 years up until the beginning of the 20th century or so; so while I'm not expert enough to comment on 12 people owning the economy, I am suspect of the statement. We have seen the wealth gap increase dramatically since the early 1970s, as it really did since the beginning of the 20th century, but much more so now, and this is a direct result of the poor non-capitlistic, non-free market principles America has been following for the last century.