Which is more capitalist?

A question from Yahoo! Answers:

Which is more capitalist: the First World or the Third World?

I’d argue that truer capitalism exists in many Third World countries which have little or no economic regulation.

You’d argue the wrong point. Capitalism is not about regulation; it is first and foremost about protecting private property rights. In a capitalist system, property cannot be taken away from the rightful owner without a fair compensation, disputes are resolved in neutral courts, and courts’ decisions are properly enforced. Many third-world countries, in contrast, have governments that confiscate at will (and government employees that rob and blackmail private citizens who are too scared to complain), retroactively change tax laws, and disobey judicial decisions or simply apply pressure to judges to obtain favorable disposition.

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