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Arguments along a similar line were raised in connection with the financial turmoil in 2008. With regard to the federal takeover of Fannie Mae and Freddie Mac , Ron Blackwell, chief economist of AFL–CIO , used the expression "Socialism for the rich and capitalism for the poor" to characterize the system. [ 17 ]
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Progressive capitalism is an economic framework that seeks to recalibrate the roles of the market, state, and civil society to enhance societal well-being. This approach advocates for a new social contract that leverages market forces and entrepreneurship while addressing issues such as market dominance, inequality, and the consequences of globalization.
Although laissez-faire has been commonly associated with capitalism and anarcho-capitalists advocate such a system, there is a similar left-wing or socialist laissez-faire [218] [219] system called free-market anarchism, also referred to as free-market anti-capitalism and free-market socialism to distinguish it from laissez-faire capitalism.
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