On Nov 28, 1:05 pm, tutall <
tut...@hotmail.com> wrote:
> > > Pure Capitalism is about *money*..."free" markets, no controls, and for *maximum* profits.
>
> > Yes, this is a good thing. It creates the mo0st wealth froma given
> > set of inputs.
>
> Shawn, would you agree that 19th C Americans had a higher level of
> ethics, moral restrictions, what have you than can be found today.
I think they had different values that were in many ways superior to
ours. They also had different values that in many ways are inferior
to ours. So, they were basically different.
> And, that modern communication, along with the lower level of ethical
> behavior has changed the playing ground so much that it's not a valid
> comparison?
No, not at all. They had modern communication in the 19th century,
just a different defintion of modern.
The comparison specifically *IS* valid. Nothing has changed in ways
that make socialism a good idea, definitely not superior to
capitalism.
> Corporations with global interests did not exist either.
Of course they existed. Coorporations were created centuries before
*because* of global interests. Specifically they were very long range
trading companies.
> So much has
> changed that this sort of harkening to an earlier age seems a refusal
> to see how the modern world really works; self administered
> ideological blinkers.
Nothign relevant has changed, and I have all of a PHD in economics but
for the dissertation and piece of paper, so I do not suffer from "self
administered ideological blinkers". I can go into FAR more
mathematical detail than you could ever understand on these issues.
> I would argue that the largest modern corporations have too little
> self interest in or for the nation states where they operate.
OK. So what? Nation states are relatively new things on the world
stage anyway, and not I think an improvement. The company's job is to
look after the company's interests. Workers look after their own
interests. This way everyone's interests get looked after. Change
that equaltion and some interests don't get looked after and everyone
loses as a result.
> Based on
> history would not expect that deregulating such extra territorial
> entities would benefit anyone other than shareholders, seeing how
> they've behaved in third world countries.
OK, shareholders benefit. Why is that a bad thing? Ultimately the
return on YOUR savings is determined by how much shareholders
benefit. The return on your pension or mutual fund is shareholder
profit. If you eschew real assets to save only via bonds, their
return is predicated on how much companies are willing to pay to
borrow, which is predicated on... shareholder profits.
Increase shareholder profits and everyone benefits. Reduce it and
everyone loses.
> They do shit in their own
> nest without compunction when it profits them to.
So does government. What's your point? At least corporations have
balance sheets and the concept of profits. Government can and
regualarly does destry wealth with no ensuing benift to anyone
whatsoever.
> > No, it has a grat many ASININE business regulations that only make us
> > poorer.
>
> Oh shit, an ideologue wanting to throw out the baby with the
> bathwater?
A rather well trained expert in this particular field (public policy
analysis) actually.
> Are you one of those that wishes to see the FDA and EPA
> abolished?
Yes. Show me the baby. For instance what the FDA does is keep drugs
off the market until they say they can be legally sold. Depriving
people of useful drugs kills them. *Every* FDA press release that
says 'recently approved drug X will save Y lives per year" means the
FDA just killed Y lives every year they kept X off the market.
The FDA approval process also adds to the cost of bringing new drugs
to market. When it costs $1 billion to bring a new drug to market,
that drug has to be priced to recoup that billion dollars. If it only
helps a few people, the price they will be charged will be quite
high. If the company can only hope to sell 1 million doses (and they
have expert staff to estimate this sort of thing), they need to charge
$1000 per dose. It doesn't matter that the drug only costs them 10
cents a dose to manufacture. If they can't make more money doing drug
R&D than they can doing something else, they will simply stop doing
drug R&D and new drugs won't cost $1000 a dose- they won't be
available at all for anyone at any price.
The FDA's rise to power was caused by the Elixir Sulfanilimide
disaster. Before penicillin sulfa drugs were it for anti-biotics.
Sulfas are a powder. Someone figured that a liquid form would be a
good idea. Sulfa + solvent + label "elixir sulfanilimide" and bob's
your uncle.
Unfortunately the guy in carge was a chemist, not a pharmacist. To a
pharmacist 'elixir' means the solvent is alcohol, which it wasn't.
(this is why so many medicines have alcohol as an ingrdaent, it is the
slvent and water won't work) A pharmacist would also have known that
the solvent used was toxic to humans. 100 people died. Major public
scandal and new laws and a newly empowered proto-FDA to enforce them.
Jump forward a few decades. Beta blockers. Widely used in Europe for
heart patients. Not approved by the FDA for use in the US yet. So,
after a shortened approval process (for a drug already in widesprad
use in Europe, and thus already known to be safe and effective...)
beta blockers were approved in the US as well.
14,000 people who would have lived in the US if they had been given
beta blockers DIED, every single year it took the FDA to allow beta
blockers to be used in the US. An elixir sulfanilimide every single
year for a century would cause less harm the the FDA did in a single
year of doing is job.
Before the FDA about 200 new drugs were introduced into the US
market. Last year (2010) the US managed to approve less than *40*,
which is a recent high...
Yes, I would GLADLY accept the risk of another elixir sulfanilimide
(damn long name...) for the benefits from disbanding the FDA. 100 is
a LOT less than 14,000 (per year...)