this post was submitted on 25 Nov 2025
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Explain Like I'm Five

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ELI5 What is the hate against socialism? I mean doesn't it mean a system where the people take care of themselves and neighbors? (lemmy.world)
submitted 4 months ago by Patnou@lemmy.world to c/explainlikeimfive@lemmy.world
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[โ€“] bss03@infosec.pub 2 points 4 months ago (1 children)

Rent seeking existed long before the term ever existed just like fascism. It has always been bad

IIRC, Adam Smith (from "Wealth Of Nations") decried rent-seeking behavior and implicitly defined a "free market" as one without (free of) rent-seeking, as a form on monopoly, among other things.

So, yes, it was a recognizable problem in Capitalism before it was ever given name, and I wasn't trying to deny that, just to note that the whole time I've been alive it's consistently gotten worse.

[โ€“] Doomsider@lemmy.world 2 points 4 months ago* (last edited 4 months ago)

As it has gotten worse my whole life. Adam Smith could have never have conceptualized mega corporations. In fact, corporate law at that time would have never allowed for them to exist.