Thursday 20 July 2017

Capitalism banks on rule of law

I FIND it ironic that in charging David Quinn with writing "utter rubbish," Ronan Molloy manages to do just that on the issue of capitalism (Letters, November 6). Ireland under the FF/PD coalition was never capitalistic in any way, shape or form. Contrary to his assertion, "privatise the profits and socialise the losses" is emphatically not what capitalism is about. A truly capitalistic society would allow the losers to go to the wall, as they should have been allowed.

Enforcing "proper controls", and ensuring the rule of law, without fear or favour, is an absolute prerequisite for free markets to function.

A properly functioning banking system is also a prerequisite, and the fact that basic regulation was not enforced on the banking system is in no way an example of a defect of the free market system, nor indeed, an example of "unbridled capitalism", to use that meaningless hackneyed phrase I have come to associate with those who know nothing of economics.

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