this post was submitted on 27 Sep 2023
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Great idea, what are we replacing it with?
Yeah, let's not throw out the baby with the bathwater just yet. Capitalism is an incredible engine, but it needs guard rails.
The whole infinite growth mentality caused by companies being public on the stock market is the real poison I think. So lets just axe the whole thing. No more stock market, every company is private again.
Which means no more stock speculators, or stock buybacks, or market manipulation schemes. Just companies selling their products to consumers based on their own metrics.
Well, for starters, this obliterates most people's retirement plans, so that's a bit of a hurdle.
That aside, what would happen is private equity firms and investment banks simply buying up most public companies, so I don't really see the grand improvement here.
I hate so much this talking point:
the system has captured the retirements, so we can't abolish it.
Like if we need this load of bull to support retirement, we should rethink everything from the ground up.
The point is that, whether you like it or not, abolishing something that most people are very strongly relying on for the last third of their life is something that's going to be incredibly complicated and met with a lot of opposition.
By all means, re-think away as you like, but don't be surprised when a lot of people aren't exactly a fan of what you come up with.
Provide food and shelter as a human right first, then dismantle everything else, and let people do what they enjoy.
To be honest, you cannot achieve capitalism with guard rails.
Rich individuals will accumulate money then bribe or donate to politicians to earn more money thus more bribes then more influence and so on.
Take USA as an example, big corporations have monopoly on almost everything and you as a citizen cannot do anything about it. Sure you can vote but either way, donations to politicians always win.
EU is better but not much. After GDPR, every website would interrupt you to say how they will sell your data and tell you to leave if don’t like it.
I agree, I don't think any one system is the answer, they all have their strengths and weaknesses... a combination of them would be a better idea.
With humanity.
That's a vague platitude.
Capitalism works becuase we live in a transactional reality. Food could not grow on trees of the tree didn't take capital (I.e. resources such as nutrients from the soil, light and heat from the sun) to grow that apple. If farmers did not account for the resources the tree needs the tree would simply die.
The issue with capitalism today is that we over apply it and forget to help people who truly need help, and thanks lobbying by sociopathic business owners, we have created a system where we much engage with learned sociopathy to survive and function. We look down at the homeless sick and needy and invent backstories to justify their suffering. They must be drug abuses, violent, lazy, etc cetra.
Capitalism has nothing to do with resources. I think insurance is a great example of that.
We sell nebulous ideas all the time.
If anything our economy is based off of services now.
I would argue ability to provide a service is in it's self an abstract form of capital.
Time, energy and willpower can also be viewed as a capital. There's a reason business owners will pay people to be doing work they could easily do themselves. And I think it's important that we as a society recognise that any time or energy spent transactionally should be properly compensated.
Of course we shouldn't fall for the trap of trying to maximise and optimise every last ounce of capital in our lives, its important to learn to let go of our posessive human nature. But we should appreciate when we are giving and taking things to and from other people.
I'll stick with Capitalism, then...
That is not an answer. You'd have credibility if you said, "I'm actually not sure."