this post was submitted on 12 Jul 2024
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I should also mention that capitalism does have a few advantages, at least insofar as every socialist experiment thus far has gone. Economic growth, primarily.
Capitalism concentrates capital into the hands of investors who are not very risk-averse, because they lose relatively little (just the investment) if things go pear-shaped. This means that the investor class takes a very "Move fast, break shit" approach to the economy - which, in aggregate, is actually very efficient in optimizing growth, at least relative to other forms of economic systems attempted thus far. The market, as a whole, reacts very quickly under capitalism - though that also makes it volatile.
However, it also has the tiny, tiny problem of "Move fast, break shit" being a really shitty fucking deal for workers who are the ones who are getting their shit broken, and aren't rich enough to weather failure. A lot of waste is involved, a lot of suffering. A lot of... well, broken shit.
And the concerns of wealth accumulation leading to an aristocracy, of course, and innumerable other inequality-driven problems.