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Saturday 9 May 2020

A right wing socialist or a left wing capitalist?

Am I a right wing socialist or a left wing capitalist? I am really not sure of the answer, I am certainly a capitalist but I also believe in government intervention in markets to a degree to regulate industry to prevent monopolies and oligopolies.


I am certainly not of the Ronald Reagan view that government is not the solution to problems but government is the problem. I have moved between private enterprise and state government employment in my working life and certainly believe in the role of government.

I believe government institutions are poorly managed, they have managers running around believing they are running a business with little to no experience in actual business management. I have had colleagues that have never held a position in a non-government job in their life.

I believe businesses have a corporate social responsibility and unlike the Friedman doctrine of business ethics that a firm’s main responsibility is to its shareholders. Friedman, in a 1970 essay to The New York Times argued a firm has no corporate responsibility to the public or society but only to shareholders.

I believe private enterprise provides services more efficiently than the public sector and government services should be involved in licencing and registration providing the regulation for the industry sector.

If it is not financially feasible for a private industry organisation to make a profit in a particular sector as margins are not available then a government body can either subsidise an industry or deliver the service themselves.

This may be defense, transport, education, medical treatment, aged care, police, fire, justice, disability services or low income housing. I am certainly a believer in a safety net for those unable to provide for themselves or family that includes unemployment benefits or disability payments.

After weighing up the evidence, I am certainly a capitalist, that is without doubt, but I believe the role of government is to create the conditions of a safe and successful society. I still don’t know if I am a left wing capitalist or right wing socialist - maybe they are the same thing?

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