aquascoot wrote on Nov 26
th, 2021 at 3:48pm:
lol market capitalism is awesome
look how much better your phone, your tv, your car, your fridge is compared to 20 years ago.
thats capitalism baby
you have to provide great services and products or you disappear.
big government (which is the problem) does not have to provide great service at all.
and the results are there for all to see
crap schools, crap emergency departments, crap public transport, crap roads (apart from the awesome toll roads).
the arguement isnt socialism v capitalism
it is big government v the private sector.
and the private sector absolutely shiiits on government in any competition.
The private sector's role is efficient allocation of resources
driven by incentive and greed. That's good, but it cannot be the entire solution for maximizing the nation's sustainable development, because the private sector needs
public education and public infrastructure as a base on which to function.
Now, given the widely differing capabilities of individuals to compete in private markets, government will be required to regulate private sector competition (just as referees are required in a sports arena, to avoid anarchy), and to provide essential services which low wage or unemployed people cannot provide for themselves.
Morover, as has already been mentioned, the private sector market economy is subject to recessions which can have scarring effects on entire generations, the public sector is required to deal with these capitalist market disasters.
As a matter of fact, with a global pandemic still breathing down our backs, government will need to support workers in badly affected industries for some time.
The Oz government has already notched-up a debt of c $1 trillion in the pandemic...now that's BIG government....