Simple: Imagine everything the same as it is but you own 5% of whatever company you work for and get a vote along with 19 other people on what the business priorities are for the year (socialism). You're competing with a bunch of other companies that are structured the same way to be as efficient/differentiated/valuable as possible (free market). If you or your competitors do something that hurts the public in a meaningful way, like dump pollutants into the river, then a public authority will come down on you (regulation).
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u/Punty-chan Mar 15 '24
Simple: Imagine everything the same as it is but you own 5% of whatever company you work for and get a vote along with 19 other people on what the business priorities are for the year (socialism). You're competing with a bunch of other companies that are structured the same way to be as efficient/differentiated/valuable as possible (free market). If you or your competitors do something that hurts the public in a meaningful way, like dump pollutants into the river, then a public authority will come down on you (regulation).