...the President and his defenders can easily deflect that charge(socialist) by pointing out that the historical meaning of socialism is government ownership of industry; under the President's policies, industry remains in nominally private hands. Using the more accurate term -- corporatism -- forces the President to defend his policies that increase government control of private industries and expand de facto subsidies to big businesses. This also promotes the understanding that though the current system may not be pure socialism, neither is it free-market since government controls the private sector through taxes, regulations, and subsidies, and has done so for decades.
Using precise terms can prevent future statists from successfully blaming the inevitable failure of their programs on the remnants of the free market that are still allowed to exist. We must not allow the disastrous results of corporatism to be ascribed incorrectly to free market capitalism or used as a justification for more government expansion. Most importantly, we must learn what freedom really is and educate others on how infringements on our economic liberties caused our economic woes in the first place. Government is the problem; it cannot be the solution.
Socialism vs. Corporatism
By Ron Paul
Published 04/27/10 Campaign for Liberty
http://www.campaignforliberty.com/article.php?view=806
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