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Richard Gadsden's avatar

Something that we should bear in mind when reading anything written about capitalism or socialism from before the last few decades is that an economy of a combination of state-run businesses with private market ones wasn't even named until the 1950s (as the "mixed economy") and there still isn't a widely-understood good theoretical understanding of highly-regulated sectors in an otherwise market economy ("regulatory capture" is a buzzword, but what does an uncaptured regulator look like, how do you get one and what is public choice theory anyway?)

Real-world economies in that era were mixed and regulated - that's what the New Deal was - but there was a serious lack of theoretical understanding; socialists thought it was a transition to "full socialism"; capitalists feared that it was. The idea that a balance could be permanent was what Keynes and Tawney were trying to bring into being. But political activists hadn't thought of that, or if they had, it was a new idea that wasn't yet a core of a philosophy.

The idea of what we'd now call "New Deal Liberalism" or "social democracy" or "democratic socialism" or whatever - basically, the blandest possible old-fashioned centre-left economics - as being something that was a brand-new idea that was still in the process of being invented is very strange to us. But that's why these people were socialists: they could see that their society was wrong and weren't aware of any other way to fix it. Twenty years later in the 1950s, the same people would be "Butskellists"*, part of the national consensus for a mixed economy.

* A portmanteau of the names of Hugh Gaitskell and R. A. B. Butler, leading figures in the two major parties who were seen as being centrists within their parties and therefore supporters of an economic compromise between socialism and capitalism.

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Michael Keenan's avatar

Like Ben Cosman in another comment, I also worry that common-sense morality is a dubious guide. It means different things to different people, people can usually twist it to fit whatever they want, and it's often wrong.

While thinking about how to put this, I remembered a quote of yours that I liked so much that I put it in my quotes collection file:

"If your moral reasoning doesn’t produce conclusions that seem absurd on the face of it… why are you bothering? I want to be the sort of person who would have come up with the absurd conclusion that slavery is wrong, or the absurd conclusion that women should have rights, or the absurd conclusion that sodomy shouldn’t be illegal; therefore, right now, I am the sort of person who comes up with the absurd conclusions that eating meat is wrong, malaria net donations are morally mandatory, and global warming is really important." (Source: https://www.tumblr.com/theunitofcaring/113528122106/the-problem-with-unifying-your-circles-of-concern)

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