“#Capitalism is not the natural evolution of the highest form of the free market. It is the free market’s shadow, ghost” On this episode of The Econoclasts Yanis Varoufakis debunks the myth that capitalism is synonymous with free markets, by contrasting Western state-protected monopolies like SpaceX with China’s highly competitive, state-guided economic model. Listen to the full episode of The Econoclasts at the link in the bio. #China #ElonMusk #US #Politics

Capitalism always trends toward monopoly and stated the invention in favor of big business, not against big business, especially when the market turns against it. The moments of anti-trust legislation were very few many decades, if not a century ago. It's gone now. Now, big business is being treated to favors by state regulators, not the other way down. Capitalism is not the natural evolution of the highest form of the free market. It is the free market's shadow ghost. It does not celebrate competition. Capitalism fears competition and kills it. It does not embrace transparency. It requires opacity and works tirelessly to keep you, me, all of us in the dark. There is no reward of genuine utility. What there is is huge rewards to the accumulation of capital by any means necessary, including the suspension of market forces themselves. Where in the world are markets truly competitive today, with ruthless competition creating genuine value and shared prosperity? Well, in China. And why? Because China has resisted the Kool-Aid, the toxic ideology that supposedly capitalism, free markets and the liberal state are the Holy Trinity that underpins progress and democracy. They don't.