[WalterBright]

> mismanagement and poor planning can happen in both the public and private sectors

Absolutely correct. But public regulation is quite resistant to course correction. Private companies have to face competitors and adapt or fail.

> The US healthcare system is just one fantastic example of the private sector absolutely failing to deliver even a bare minimum standard of service

The US healthcare system is massively regulated and interfered with by the law and things like people are forced to buy Obamacare and forced to contribute to Medicare and Medicare massively distorts market forces.

Healthcare in the US was affordable before the government got involved.

[brooke2k]

Public regulation also course-corrects, it just does so through democracy rather than competition.

I would argue that democracy is a superior method in most instances, because its motives are driven by the motives of the population as a whole, whereas capitalist competition is ultimately driven by exactly one thing: profit for the capital owners.

Where we agree I think is in the assertion that United States government tends to run things very poorly. In my opinion, however, this is not because central planning is inherently bad, but because our democracy is very weak, and we allow politicians to be controlled by corporate interests rather than the interests of the people that they represent.

EDIT: Oh, and for the record I disagree with the take that the US healthcare system is bad because it has too much regulation - but that's an entirely separate discussion that I don't think is worth going into.

[WalterBright]

Democracy cannot adapt efficiently to crises. For example, we elect a President every 4 years. You've got a long wait. A company can adapt overnight.

> capitalist competition is ultimately driven by exactly one thing: profit for the capital owners.

Absolutely correct. And competition is what drives prices relentlessly downwards.

The democratically elected government in the 70s that tried to manage the nation's gas prices and allocations with the best of intentions failed miserably.

Democracy also created the FAA, which used to regulate airline schedules, routes, and fares. Having lived through that era, too, I can attest how costly and inefficient that was. Air fares are amazingly low since, and the scheduling is very tight and efficient at placing airplanes where the people want to use them.

> this is not because central planning is inherently bad

Nobody has ever managed to make it work. Consider rent control. Endless variations of it are implemented, and all produce the "unintended" side effects of higher prices and shortages.