I’m the chimney sweep now!
this post was submitted on 09 Jan 2024
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The point is that capitalism prioritizes profit, not the welfare of people. This is only not done anymore because of regulation, not because capitalism was fixed. It can't be fixed. The target goal of capitalism is wrong. Profit does not optimize for innovation, welfare, happiness, or anything else that could be called good. It will always exploit people as much as it can, and it just happens to not exploit children (in the western world (legally)) because we made it not allowed, and disobeying that law would be less profitable.
Capitalism is insanely efficient in allocating capital and setting prices – two things incredibly difficult to do otherwise. At the same time it has the problem of protecting the weakest. But that can be tackled by regulation – which has been pretty effective in the EU for example.
What kind of system would you prefer?
Capital and price are imaginary. Why are you evaluating a system by random concepts that don't correspond to anything real?
Maybe use a metric with actual real meaning like fraction of people with basic necessities covered.
And if you consider that metric capitalism with social guidelines implemented – like in Nordic countries – comes out far ahead of any other known market order.