Via Worstall, a Guardian leader:
Capitalism’s great advantage is supposed to be that it ensures the economy can learn from failure.
Nope. That’s the free market, not capitalism. With a free market, lots of people try lots of different things and copy the things other people are doing if they seem to be working. Capitalism can exist in unfree markets, where this advantage doesn’t exist.
It’s amazing how these terms are conflated.
