<story><title>How Big Banks Became Our Masters</title><url>https://www.nytimes.com/2017/09/27/opinion/how-big-banks-became-our-masters.html</url></story><parent_chain><item><author>snomad</author><text>This article doesn&amp;#x27;t even answer its own question of &amp;quot;how&amp;quot;.&lt;p&gt;For those interested in the topic, I highly recommend Connie Bruick&amp;#x27;s Predators&amp;#x27; Ball and Liar&amp;#x27;s Poker by Michael Lewis.&lt;p&gt;&amp;gt; Adam Smith, the father of modern capitalism&lt;p&gt;I hope we can stop conflating free markets for capitalism. Capitalism is to free markets what communism is to socialism. Adam Smith was very much focused on free markets, not capitalism. The author of the article, makes it clear later with&lt;p&gt;&amp;gt; Adam Smith, who believed that for markets to work, all players must have equal access to information, transparent prices and a shared moral framework</text></item></parent_chain><comment><author>JackFr</author><text>Capitalism often means different things to different people and it&amp;#x27;s often to an authors rhetorical benefit to leave it so.&lt;p&gt;When people say capitalism they typically mean one or more of the following:&lt;p&gt;* Free markets&lt;p&gt;* Free trade&lt;p&gt;* Private ownership of the factors of production&lt;p&gt;* A form of economic organization characterized by tradable claims of ownership, &amp;amp; ownership separate from management.&lt;p&gt;* A form of economic organization where the primary driver of the firm is profit.&lt;p&gt;* A counterpoint to socialism.&lt;p&gt;* A counterpoint to centrally planned&amp;#x2F;managed economies.&lt;p&gt;By never being clear about what one means, and just saying &amp;#x27;capitalism&amp;#x27; a skilled rhetorician can convince you one thing is good (or bad) and then lump others in as part and parcel.&lt;p&gt;As you point out profit seeking businesses do not like free markets.</text></comment>
<story><title>How Big Banks Became Our Masters</title><url>https://www.nytimes.com/2017/09/27/opinion/how-big-banks-became-our-masters.html</url></story><parent_chain><item><author>snomad</author><text>This article doesn&amp;#x27;t even answer its own question of &amp;quot;how&amp;quot;.&lt;p&gt;For those interested in the topic, I highly recommend Connie Bruick&amp;#x27;s Predators&amp;#x27; Ball and Liar&amp;#x27;s Poker by Michael Lewis.&lt;p&gt;&amp;gt; Adam Smith, the father of modern capitalism&lt;p&gt;I hope we can stop conflating free markets for capitalism. Capitalism is to free markets what communism is to socialism. Adam Smith was very much focused on free markets, not capitalism. The author of the article, makes it clear later with&lt;p&gt;&amp;gt; Adam Smith, who believed that for markets to work, all players must have equal access to information, transparent prices and a shared moral framework</text></item></parent_chain><comment><author>triplesec</author><text>For a really insightful approach to how we got here,  read Prof David Graeber&amp;#x27;s book Debt: the First 5000 Years</text></comment>