One of the biggest criticisms of "capitalism" is that large corporations are able to privatize profits while socializing losses — enjoying the benefits when times are good, but passing off their costs to taxpayers when the going gets rough.

But how are giant companies even able to do that?

One word: Government.

Socialized losses are not a feature of a free market, but of the opposite. Forcing taxpayers to subsidize businesses, or (especially in the case of the pharmaceutical industry) writing laws that render a company immune to prosecution even when their products are potentially harmful, are not examples of "capitalism", but of much older ideas like Mercantilism, Corporatism, and even Feudalism.

When powerful politicians talk about how important it is for drug companies to remain immune from prosecution, they’re not protecting *consumers*, nor are they promoting a healthy and free market. They’re changing the rules to benefit their cronies, at the expense of everyone else.
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Written & Voiced by Seamus Coughlin
Produced & Edited by Sean W. Malone

Animated by Emily Slatt, Adam Donk, Josh VanHalteren , LTAmazil, and Rick Thomas
Layout by Jaime Velasquez, Trevor Smith
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LINKS:
https://www.investopedia.com/terms/p/privatizing-profits-and-socializing-losses.asp

Do Drug Companies Get Immunity for Their Products More Often Than Consumer Product Companies?

https://www.csmonitor.com/USA/Justice/2011/0222/Parents-can-t-sue-drug-firms-when-vaccines-cause-harm-Supreme-Court-says
https://www.reuters.com/article/us-astrazeneca-results-vaccine-liability/astrazeneca-to-be-exempt-from-coronavirus-vaccine-liability-claims-in-most-countries-idUSKCN24V2EN/

https://www.linkedin.com/posts/health-alliance-australia_vaccine-manufacturers-often-operate-on-very-activity-7293045545504231424-tbcj

Elizabeth Warren Introduces Legislation to Create a Government-Run Pharmaceutical Manufacturer

https://www.opensecrets.org/industries/summary?code=H04&cycle=2020&ind=H04&mem=Y&recipdetail=S&sortorder=U