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The issue with pure capitalism is that it reduces people's interactions to their economic value but some people do not have economic value, or have little economic value and no power to redress it. So capitalism can be efficient but can also be efficiently cold hearted.
Nepotism is only an issue where owners define it as an issue. Obviously the workforce at large stands to benefit from meritocracy but so do shareholders. In a free market, inadequate appointments due to nepotism should put a company at a disadvantage. But compare that with a family farm where the owners (shareholders) might prefer nepotism (appointment of a son/daughter to management) rather than opening the role to the job market. Few people object to this small scale nepotism, but should they object if shareholders of a large corporation wanted to do the same? Isn't it their money after all? The chief issues with nepotism are when it's done against the wishes of the owners of the company. But this is increasingly difficult with shareholder approval of board members and so on.
Obviously nepotism into monopolistic companies is a problem because of lack of competition but this only joins all the other problems already caused by monopolies.
In a healthy capitalism, competition is maintained. And if that's done then the risks presented by nepotism are diminished because poor appointments ought to lead to poor results.
Ironically, it's in extensive socialist state monopolies that nepotism is most dangerous primarily because of the decreased market competition.
You're only thinking in terms of labor. Nepotism, inheritance, gives many a head start in terms of building capital. Removing these people from the market place would allow a more even playing field where actual ability would push people into higher levels of management and improve efficiencies for people who participate at lower levels of production.
Do you think family farms should not be passed to children? Or where would you draw the line?
I think inheritance should be allowed. I just think there should be restrictions on how they participate in the market.
I'm not talking about inheritance though. I'm talking about when a farm takes on a family member as the new management. Because that's literally nepotism.
(Without getting too much into semantics, isn't headhunting a new boss at a company a type of nepotism? As in, there wasn't a competitive process, they were hand-picked by the board / CEO. Is "nepotism" only meant specifically where someone's incompetence is overlooked because of family relationship? If they're actually the best person for the job is that still nepotism?)
How about instead of trying to poke holes and narrowing your argument down to the exact exchange in a different implementation of capitalism that we see here in the US and consider the actual question.
Would have been nice if the question mentioned the US then...
sips tea
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