We make a living by what we get, but we make a life by what we give. The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries. We contend that for a nation to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle. The whole history of the world is summed up in the fact that, when nations are strong, they are not always just, and when they wish to be just, they are no longer strong.
Western capitalism will decay, but non-Western capitalism will not take its place, certainly not on a global scale, and neither will Western non-capitalism. As to non-Western capitalism, China will for many reasons not be able to take over as capitalism__ historical host and provide an orderly global environment for its further progress. Nor will there be a co-directorate of China and the United States amicably dividing between them the task of making the world safe for capitalism. And concerning non-capitalism, there is no such thing today as a global socialist movement, comparable to the socialisms that in the nineteenth and early twentieth centuries so successfully confronted capitalism in national power struggles. As long as the capitalist dynamism continues to outrun collective order-making and the building of non-market institutions, as it has for several decades now, it disempowers both capitalism__ government and its opposition, with the result that capitalism can be neither reborn nor replaced.
How Will Capitalism End? Essays on a Failing System
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Western capitalism will decay, but non-Western capitalism will not take its place, certainly not on a global scale, and neither will Western non-capitalism. As to non-Western capitalism, China will for many reasons not be able to take over as capitalism__ historical host and provide an orderly global environment for its further progress. Nor will there be a co-directorate of China and the United States amicably dividing between them the task of making the world safe for capitalism. And concerning non-capitalism, there is no such thing today as a global socialist movement, comparable to the socialisms that in the nineteenth and early twentieth centuries so successfully confronted capitalism in national power struggles. As long as the capitalist dynamism continues to outrun collective order-making and the building of non-market institutions, as it has for several decades now, it disempowers both capitalism__ government and its opposition, with the result that capitalism can be neither reborn nor replaced.
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Monopoly is a market, or part of a market, reserved to the exclusive possession of one or more sellers by means of the initiation of physical force by the government, or with the sanction of the government. Monopoly exists insofar as the freedom of competition is violated, with the freedom of competition being understood as the absence of the initiation of physical force as the preventive of competition. Where there is no initiation of physical force to violate the freedom of competition, there is no monopoly. The freedom of competition is violated only insofar as individuals are excluded from markets or parts of markets by means of the initiation of physical force. Monopoly is thus a market or part of a market reserved to the exclusive possession of one or more sellers by means of the initiation of physical force. It is thus something imposed upon the market from without__y the government. (Private individuals__angsters__an initiate force to reserve markets only if the government allows it and thereby sanctions it.)Thus, monopoly is not something which emerges from the normal operation of the economic system, and which the government must control.