The US wasn't in purely capitalistic makeup to begin with. The US hasn't been a Capitalist country for a century. it hasn't even been a mixed economy for 40 or 50 years. America in 1890 was a Capitalist country.
The US is a hyper regulated, highly taxed welfare state. The US economy carries more regulations per capita than any other country on earth, and it passes more new regulations per year than anyone else.
You can't call a country in which the total government system extracts 40% of the economy - effectively a government system larger than the entire economy of Japan - a Capitalist country. It's not even close.
Nor can you call the world's largest welfare state, with the largest entitlement programs, a Capitalist country.
Where's the Capitalism? Capitalism requires, at a minimum, very low taxation, few economic regulations, strong protections on property rights, low friction for trade, and very little government intervention into the economy. The US has almost the opposite of that and has for a very long time.
> Capitalism requires, at a minimum, very low taxation, few economic regulations, strong protections on property rights, low friction for trade, and very little government intervention into the economy. The US has almost the opposite of that and has for a very long time.
Ahem. Your lack of perspective is painful. May I recommend [1], which ranks countries by both tax burden and government spending as a percentage of GDP. The US is in 60th place in terms of relative tax burden, and 46th place in terms of relative GDP expenditure. Of particular note: please look at the countries ranked below the US in either measure, and tell me which of those both fit your definition of "capitalism" and are places you'd actually want to live.
You can only say that US is "a hyper regulated, highly taxed welfare state" if your baseline of comparison is some wholly delusional Libertarian-land. No such place exists. In the real world of developed nations, keeping civilisation functioning requires both taxation and spending. By that measure, the US is relatively lowly-taxed, and miserably ineffectual at delivering a welfare state.
People have different definitions of what capitalism is, but they all share one characteristic: it's an absolute description, not one that depends on your policies relative to other countries.
Pointing out that the US has a more capitalistic economic than other countries currently enjoy is largely irrelevant in deciding whether or not it can be called capitalistic.
Libertarian land doesn't exist? You're openly admitting I'm right that the US isn't a highly Capitalist nation, and you're attempting to mock me for being right, hilariously. The US a century ago was a very low regulation, very low taxation, very high Capitalism country. Hong Kong at times has also come very close to qualifying for libertarian land.
As I noted the government's take of the economy is ~40%. That alone automatically disqualifies the US as a Capitalist nation. You can't have a government system that large and still pretend the US is a low regulation, low tax, small government, Capitalist system.
The countries you're comparing the US to, proves my point further: the US is under no circumstances a capitalist country. It's not even close. Comparing the US to middling, poorly run welfare states (the vast majority of all countries), is exactly what I'm talking about.
I never said the US had the worst tax burden. I never said the US government system extracted the highest % of GDP. I said the US was blatantly not a Capitalist country because of how large those figures are. I'm right, all those other countries you're comparing the US to are not highly Capitalist countries either.
Show me the tax burden as a % of GDP for the US in 1890 or 1910, or the government expenditures as a % of GDP for the same era. And I'll show you a Capitalist system.
You want an example of a low figure country I'd like to live in? Sure, Singapore, from your wiki list: 13% tax burden of GDP, and 17% govt expenditures of GDP. No coincidence they've enjoyed one of the greatest booms in world history.
I've been nothing but nice here, and I've been mocked, derided, and called names for it. For debating something as simple and non-emotional as economics, and I supposedly live up to some negative stereotype.
1) I'm not a libertarian.
2) I didn't argue anything inflammatory or negative. I've said nothing mean, at all. I said a highly capitalist country can't have high taxation, a large government, and high regulations. I'm absolutely correct about that. By definition, that cannot be a very capitalist nation.
The US is a hyper regulated, highly taxed welfare state. The US economy carries more regulations per capita than any other country on earth, and it passes more new regulations per year than anyone else.
You can't call a country in which the total government system extracts 40% of the economy - effectively a government system larger than the entire economy of Japan - a Capitalist country. It's not even close.
Nor can you call the world's largest welfare state, with the largest entitlement programs, a Capitalist country.
Where's the Capitalism? Capitalism requires, at a minimum, very low taxation, few economic regulations, strong protections on property rights, low friction for trade, and very little government intervention into the economy. The US has almost the opposite of that and has for a very long time.