Perhaps, but I guess I'm just thinking about the trillions of dollars in covid loans, bank bailouts, agricultural subsidies, and monopoly breakups and I see that one could argue that the American economy is definitely state managed, just to a lesser extent than China (or wherever). You could also just say it does a bad job.
To me, those things are (mostly) coming from capital up. Industrial farms demanding subsidies, capital siphoning off Covid funds, etc. But, I suspect at that point we're in agreement on outcome, disagreement on process.
No I feel you, I'd agree with you more than Nathan if he were to really try and argue that position, but I just didn't want to see it dismissed out of hand.
Noam Chomsky, a libertarian socialist, applies the term state capitalism to the economy of the United States, where large enterprises that are deemed "too big to fail" receive publicly funded government bailouts that mitigate the firms' assumption of risk and undermine market laws, and where private production is largely funded by the state at public expense, but private owners reap the profits.
Nathan Robinson actually said that the US economy is "state capitalist"
I mean, there's some truth to that. Pretty sure that "state capitalism" isn't rigidly defined.
A state captured by capital seems more accurate, although I might be being pedantic.
Perhaps, but I guess I'm just thinking about the trillions of dollars in covid loans, bank bailouts, agricultural subsidies, and monopoly breakups and I see that one could argue that the American economy is definitely state managed, just to a lesser extent than China (or wherever). You could also just say it does a bad job.
To me, those things are (mostly) coming from capital up. Industrial farms demanding subsidies, capital siphoning off Covid funds, etc. But, I suspect at that point we're in agreement on outcome, disagreement on process.
No I feel you, I'd agree with you more than Nathan if he were to really try and argue that position, but I just didn't want to see it dismissed out of hand.
State capitalism with inverted-totalitarianism characteristics, maybe? If we're being generous.
He's just regurgitating a Chomsky talking point.
Um, it is?