Is current Capitalism in U.S. really laissez faire or is it really Socialist Capitalism?
The current laissez faire U.S. Capitalism system is not pure Capitalism; as Republicans would argue because regulations hurt free enterprise. I would argue that the current system of Capitalism, is not a true laissez faire system because of Corporate Welfare. Laissez Faire is the term known as a pure unregulated form of capitalism where government would not impose any regulations, tariffs or obstacles; and it was this free unregulated Capitalism of the 1920s that caused the Great Depression of 1929. The Great Depression of 1929 ruined the US economy, collapsed banks; from this event arose new legislation and regulations to protect the people from another future Great Depression. As history occurs; politicians forget and repeat the same mistakes of the past instead of learning from them. Democrats and President Obama enacted more banking regulations but some parts of the law are not being enforced; therefore a potential for another financial market bubble. Corporate Welfare are tax policies that aid corporations in the U.S. in the hopes that U.S economy will benefit; as evidenced during the Bush- Cheney years. Eight years of steady tax breaks for big oil, and pharmaceutical companies did little to improve U.S. economy. Instead, incentivized shipping jobs overseas, spent money on wars in Iraq and Afghanistan and provided no investment on infrastructure in the U.S. If you think of what socialist would mean in this example; which is the advocating of government tax programs that support corporations monetarily. This corporate welfare is not true capitalism and the argument could be made the GOP has waged a war of inequality in favor of the ultra rich corporations of America.