Laissez- Faire Capitalism vs. Modified
Capitalism Is defined as being an economic system based on private ownership of capital. With this definition It Is easier to proceed to the definitions of Laissez-Faller and Modified Market capitalism. Laissez-fairer is defined as being an economic doctrine that opposes governmental regulation of or interference in commerce beyond the minimum necessary for a free- enterprise system to operate according to Its own economic laws. A true believer In Laissez-fairer capitalism would believe In the separation of economy and state.
The lace where complete Laissez-Fairer capitalism fails, however, is in mankind’s own greed and desire for riches. This often results in those who are stronger repressing those who are weaker. One could say this shows evidence of an influence of Darwinism in the formation of Laissez-fairer capitalism. The process of natural selection or “survival of the fittest” can be applied to business to Justify immoral and illegal business practices, and this was done In America in the sass’s and early 1 ass’s. In Christianity, however. We bear responsibility to our fellow man and not Just ourselves.
Modified Market capitalism, by contrast, controls the human desire for riches and greed through more regulation than the “let alone” philosophy of Laissez-fairer capitalism. By taking
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