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by Roark66
894 days ago
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By this measure even North Korea may be considered capitalist as there are private (illegal, but often unenforced) businesses. The essence of capitalism is not existence of private enterprises, mafia(or an oligarchy) is a private enterprise. Capitalism requires the rule of law that enforces private ownership and laws people can count on to resolve commercial disputes. This is what differentiates capitalism (US, Europe etc) from authoritarianism (China) or mafia run states(Russia). |
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