The Vampire Economy and the Market
1. Authoritarian Capitalism (Fascism) and Liberal Capitalism (the Free Market)
What is sometimes referred to as "authoritarian capitalism," or fascism, is in fact a variety of statism, specifically socialism, the system of political economy in which the prerogatives of ownership over the means of production and distribution are vested in the state. Under the fascist economic system, private capitalists are nominally regarded as the owners of the means of production, meaning that they hold property titles to these assets and are referred to as "owners" of these assets. However, this so-called ownership is merely illusory. The actual prerogatives of ownership are vested, not in the private capitalist, but in the state and its bureaucracy.[1] It is the state that tells the private capitalist how he must use "his" property, under the threat of confiscation or even imprisonment. In the words of economist Ludwig von Mises, it is "socialism in the outward guise of capitalism."[2]Mais
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