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this post was submitted on 21 Aug 2023
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Capitalism without any regulation*
Yeah but then the wealthy eventually start buying away regulation. The only thing that made capitalism get under any sort of control was fear of a worker’s revolution
Yep, and so they made capitalism global, exported all of the union jobs to countries where labor abuse is permitted or encouraged, and then created new categories of unorganized, exploitative jobs faster than labor could keep up with them.
Even well-regulated capitalism strives for this and somehow manages to achieve it. It is the nature of capitalism.
It is in the nature of power. Reducing this to a particular economic system is nearsighted.
Every social system with a power dynamic (i.e. a system with two or more people in it) is vulnerable to power abuse. Power blinds, blindness strips powerful of perspective, decisions made without good information drunk-walk towards ruin.
The only common thing is the fact that it’s the average Jane who suffers first and whose rage ends up counteracting the ruin.
I will agree that it is the nature of power. But I will argue that few other economic systems actively facilitate (and actually reward) the concentration of power the way capitalism does. I'll also point out you are basically resorting to a "whataboutism" argument.
That explains… a lot. I apologize for wasting your time.
If its actually well regulated it wont be capitalism. Just like Europe has many kingdoms yet isnt full of actual monarchy.
All capitalism is, at its core, is the system of owning and investing capital for greater returns later. You can have that while regulating things--at least in theory.
An actual dictionary definition of capitalism:
Any definition of capitalism that doesn't in some way mention private ownership of capital is simply wrong.
So your issue is that I didn't use the word "private" in my write-up?
Yes. If you leave out that part you're just describing human behavior in general.