Where’s this distinction been all my life?
State capitalism has been tried before. It didn’t work. Market capitalism works better because it doesn’t depend on one set of actors to make all the choices.
The estimable Michael Barone here. He speaks of “the limits of expert knowledge and of the ability of political actors to make optimal economic choices.” Brain trusts and all that, vs. billions deciding and moving, even shaking, the world.
“Intellectual firepower” vs. The People’s choices.
(From: Instapundit)