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Is it ethical for a government to act in ways that socialize financial risks or losses? Is it ethical to do so while privatizing gains/profits?

Is it ethical for a government to act in ways that socialize financial risks or losses? Is it ethical to do so while privatizing gains/profits? Or to do so in ways that favor wealthier citizens while imposing risks on less wealthy taxpayers (or vice versa)? Or that create moral hazards? Why or why not? Are there social goals that are so important that they would lead you to change your answer?

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