Source: EconLog
by Pierre Lemieux
“The Economist argues that those calling price-gouging laws ‘communist’ are wrong. Three-fourths (at least) of American states, whether dominated by Democratic or Republican governments, have them on the books …. In my view, those who use the epithet in this instance are rather ignorant or sophistical. Labelling them collectivist, however, is correct. Communism is a Marx-inspired ideology that relies on collective choices as opposed to individual choices for the regulation of society. (The Chinese government has abandoned Marx but not collectivism, of which it is a standard bearer.) Any sort of price control, including milder and intermittent price-gouging caps, is certainly collectivist but not necessarily communist. Communism is just one form of collectivism.” (08/29/24)