Comment by boppo1
4 years ago
I hate when people refer to our regime of interest-rate intervention as capitalism. The primary feature of capitalism is price discovery, which we have intentionally given up.
EDIT: If there are any economists out there who can point me in the direction of a primary source that elucidates the relationship between price discovery and interest rates in a way that will help me understand contemporary monetary policy as something other than political expediency, I would greatly appreciate it.
The defining feature of capitalism is the private ownership of capital. You can have whatever pricing mechanisms you like as long as the profits go to the owner