Laissez-Faire Capitalism will typically result in Crony Capitalism, or Oligarchy

I would like to begin by thanking my opponent for his time. I would also like to say that I very much so look forward to this debate.DefinitionsCapitalism (as defined by Merriam Webster)-an economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market.Laissez-Faire-a doctrine opposing governmental interference in economic affairs beyond the minimum necessary for the maintenance of peace and property rightsOligarchy-a small group of people having control of a country, organization, or institution.Crony Captitalism-a term describing an economy in which success in business depends on close relationships between business people and government officials.PROS CASE(A) Pure capitalism and Laissez-Faire economic theory allow for the formation of an oligarchy An oligarchy is a government governed by the few. This forms in pure capitalism due to the lack of trade, trust, and monopoly regulation. Without restrictions against monopolies, eventually certain companies become so large that they hold absolute control over one type of service. Current American anti-trust laws are in effect for this very reason. The south african diamond family, the DeBeers, currently holds a monopoly over the diamond market. They have inflated the price of diamonds well beyond the actual value, and formed a pseudo crony capitalism in South Africa.(3) The Standard Oil Company owned by John D. Rockefeller formed in what was almost a laisez-faire economy, and held an iron grip on the oil industry.(4) Had that trust not been busted, the entire worlds oil supply could be controlled by standard oil to this day. In the case of a luxury monopoly, such as the DeBeers, the threat is somewhat low for abuse. But a monopoly on something like oil, or even corn or soy, could lead to a company holding a very dangerous influence on a government or its people. This would be considered crony-capitalism, and could even develop into total rule by that company, or jsut a few companies, in something like a corporate aristocracy. This would be an oligarchy, as only a few individuals (companies) would be in control.(B) Laissez-Faire Capitalism functions only in an ideal worldPeople are not perfect. A major philosopher regarding economics and laissez faire trade is the one and only Adam Smith. In Smith's work "The Wealth of Nations" he outlines his ideals regarding a perfect laissez faire economy. One of the core ideals regarding it is the idea that a customer should have near perfect knowledge regarding his product so that he can make a perfectly informed decision regarding purchase (1). Again perfection and perfect knowledge are totally out of the grasp of humans. Furthermore humans are more than willing to lie or manipulate through advertising to make more money. Therefore, Pure capitalism and laissez faire economics contains the major flaw of expecting perfection of humans.(C) Humans are naturally greedyPure capitalism and laissez faire economics would inevitably result in a monopoly. Greed is a universal and natural human desire. Some people are more greedy than others. Some people aren't very greedy at all. But I would contend that only one psychopathic businessman with a strong company and no regulations holding him back could set his company on the course to monopoly. After all that's precisely why the board game monopoly was invented (2).SummaryWithout regulation, monopolies can take control of the economy, and people will be naturally driven to do this. Therefore, an economy based solely on the principles of Laissez-faire economics will inevetibly mature into an oligarchy, or crony capitalism.I await my opponents response eagerly.VOTE PRO!Sources1. http://metalibri.wikidot.com......2. http://www.washingtoncitypaper.com......3. http://en.wikipedia.org...;4. http://en.wikipedia.org...;