this post was submitted on 24 Jan 2025
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Really? Ever read basic economics? Even if you don't agree with everything he says, by stating he is a crank economist you are disqualifying yourself.
https://rumble.com/v4u4a8i-basic-economics-by-thomas-sowell.html?e9s=src_v1_pr
I'm well aware of Basic Economics. I maintain that he's a crank, just because you personally agree with him doesn't disqualify myself, I could be just as dishonest and say that you disqualify yourself by quoting him.
Again, I elaborated quite well on some of his dishonesty from the single quote you provided, and I can go more in-depth than that even. His purpose is clear: push deregulation so those who sponsor him can get wealthier and wealthier, no matter how he attempts to squirm to justify that goal.
See Argentina what a blessing deregulation is, we need a lot more Milei and less Marx. Socialism is one of the main reasons why Africa is still poor (read Magatte Wade - the heart of a cheetah). Economy is not a zero sum game - who cares that someone else is rich. Is that envy speaking?
Sowell started out as a Marxist btw. It is just a flawed ideology and in its most extreme form always ends in dictatorship.
https://rumble.com/vjzm8i-why-socialism-is-very-appealing-thomas-sowell.html
So I guess you haven't read it?
Argentina is collapsing. Its economy wasn't great before, but austerity is destroying its own foundation for short-term profits for the wealthy. See again: Sowell purely works for the obscenely wealthy against the needs of the people.
As for Africa, it is not Socialism that keeps the various African nations under-developed. Like Parenti said, they aren't under-developed at all, really, they are over-exploited. Imperialism from the Global North has carved out of Africa and South America the lion's share of their resources:
Please, elaborate on what you think Socialism is, if it is keeping African nations under-developed.
No, economy is not a zero-sum game, correct. However, one has to call into question the purpose of a system that is built to make a few people obscenely wealthy on the backs of the vast majority. Capitalism naturally suppresses the wages and material conditions of workers, whose conditions gradually, microscopically improve, or even deteriorate, while Capital concentrates in fewer and fewer hands. The end result of Capitalism is monopoly. Once a hypothesis, this statement is now a confirmed fact.
I'm aware of Sowell's past as a "Marxist." Many people have donned such a moniker and failed to genuinely grasp Marxism, and the existence of one such fellow-turned crank does not at all lend credibility to Sowell. Marxism does not turn to dictatorship, rather the vast majority of AES states represented vast democratization of the economy, from Cuba (previously a country of fascist slavers) to Russia (under the thumb of the Tsar) to China (under the thumb of the Nationalist Kuomintang) to Vietnam (under the thumb of colonialist France) and more.
I've read enough of Basic Economics to know that Sowell is a crank. I haven't read it cover to cover, nor do I care to waste my time studying every crank in the world of economics in-depth. I don't imagine you've read Marx's works much either, nor do I expect you to, you clearly have chosen the side of Sowell and the microscopic few that profit off of the vast majority of the population via extortion.
Jaja, I love real world examples. The opposite is true. You can see basic economics working in practice 😀
https://www.morningstar.com/news/dow-jones/202501249138/moodys-upgrades-argentinas-rating-as-inflation-and-debt-levels-improve
Poverty is down and lower than when Milei started his presidency. Do you really think the poor care that his policies will make a few rich folks even richer? They just want shelter, safety and some food.