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Cake day: June 5th, 2024

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  • Capitalism = free market.

    That’s only true in a limited sense in any existing capitalist system. If your definition of “free market” is a competitive market with no artificial barriers to entry, that is impossible without state regulation-- otherwise oligopolies emerge followed by regulatory capture. If your definition of “free market” is an unregulated market, it will almost immediately stop being competitive and will be captured by the big players who will manipulate it in their own interests. So there you go, two definitions of “free market,” and existing capitalist systems are neither.