CrossTalk: Capitalism for whom?

rt-international (74) in dtube • 5 years ago

The economic system known as capitalism has generated more wealth than any other system in history. In many ways it has defined modernity itself. Hundreds of millions have been lifted out of poverty. However, capitalism has also witnessed growing income inequality. Thus the appeal of socialism is currently on the rise. Can capitalism work for all?

CrossTalking with Jeffrey A. Tucker, Pye Ian, and Alexandra Hudson.

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5 years ago by rt-international (74)

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appalachain (53) · 5 years ago

Wish he would have shut the hell up and let Tucker talk, but right on all accounts.

One big point that didn't quite get fleshed out all the way is, when we talk about "equality", we need to be specific. Equality of opportunity and equality of outcome are two very different things. True capitalism allows for equality of opportunity and fosters growth organically. Equality of outcome has to be forced, hinders people from achieving their full potential, and has no choice but to violate people's basic human rights to be effective. This is the fundamental difference between individualistic ideologies like capitalism, and collectivist ideologies like socialism.

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venerableants (27) · 5 years ago

what if actually equality of opportunity is a myth? also in this world, there's never true capitalism for once.

'Free market' hardly exist. The true free market you can conspire with another mercantilist, selling slaves, selling organs, selling drugs, etc. Black market is the name of the true free market. The market exists in every politiconemical system (feudalism to capitalism to communism), market only exists on capitalism is a myth.
What we have now as a market which endorses 'equality of opportunity' is actually a regulated market, capitalist smart enough to take a bit part of socialism onto the system to not get too extreme in the practice lest it turns into the black market.
Capitalism walking on the dynamic of being too extreme or being too regulated.
But what if capitalism doesn't want to admit it's a failure? I mean about negative interest rate that's happened because 'the free' part of capitalism went extreme, using the central bank to push its way through. The backlash will get it pushed back to the far extreme to be the heavily regulated market to save the people or at least rich class from the pitchfork. The guillotine will always conform to the modern version, and the rich class won't be easy to get out of this #lookfrance.

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banzzara (56) · 5 years ago (edited)

Socialism is the next step after capitalism has matured enough.....the societies which has exploited the full potential of capitalism will have to step into socialism

Once socialism is matured enough, communism can come into the picture...

https://steemit.com/life/@banzzara/the-debate-on-socialism-and-capitalism-7pfamkla

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