Capitalism is terrible -- except for the other systems
Nice description from Krugman of capitalism's central flaw along with the accurate observation that it's the only system that works in the long run, via Brad DeLong:
At the heart of capitalism's inhumanity--and no sensible person will deny that the market is an amoral and often cruelly capricious master--is the fact that it treats labor as a commodity. Economics textbooks may treat the exchange of labor for money as a transaction much like the sale of a bushel of apples, but we all know that in human terms there is a huge difference.... An unsold commodity is a nuisance, an unemployed worker a tragedy; it is terribly unjust that such tragedies are created every day by new technologies, changing tastes, and the ever-shifting flows of world trade. There would be no excuse for an economic system that treats people like objects except that, as Churchill said of democracy, capitalism is the worst system known except all those others that have been tried from time to time...
Comments
Capitalism without freedom is a terrible combination. With freedom capitalism allows each individual to pursue the path of most value, economic or otherwise.
Posted by: Dan | January 23, 2010 9:20 AM
My vote is for socialism.
Posted by: NotableM | January 23, 2010 5:25 PM
“The problem with socialism is that you eventually run out of other people’s money.” – Margaret Thatcher
Posted by: Dan | January 23, 2010 11:59 PM
Capitalism without necessary regulation is a terrible combination. Even the Founding Fathers realized that our system needed some protections for the 'small guy' on businesses.
Our system has morphed from capitalism to PREDATORY CAPITALISM years ago, and everyone but the stupidest of the stupid and the most conservative of the conservative know that.
Posted by: Abresh | January 24, 2010 6:51 AM
I also support Socialism.
Posted by: china visa | January 25, 2010 2:13 AM
Here is why Capitalism works and socialism doesn't...All you lazy people who love to drink from the gov't teet...that includes you Fed, State, and municipal employeess..
People work hard because they are money motivated, that is what makes America great! Innovation is driven by people's determination and realization of financial reward. In a system where successful people are not rewarded, people lose motivation to excel. Duh? So all you people who hate corporate America can move to China or Russia and work in a factory for 15k per year. I'll work in a nation that rewards hard work and succes!
Posted by: Move To China | January 26, 2010 9:46 AM
Oh...and for those who think that corporations aren't regulated, there is a little something called supply and demand. Since there are no monopolies, when a company starts treating their customers poorly, you can shop somewhere else....
Don't like Verizon, switch to ATT ...Don't like Bank of America, switch to Wachovia...
Posted by: move to china | January 26, 2010 9:48 AM
To all the miscreants in the above blogs who vote for socialism, let me remind them of the following: under socialism, you have no freedom. You future is chose for you by gov't. bureacrats, there is no free markets and the private sector does not create jobs. Look at Greece, Italy, France, Portugal all these countries have high unemployment rates, and massive deficits. They are banana republics. Krugman and is ilk won't tell you that.
Posted by: GauuisCaesar | January 27, 2010 9:55 AM
"Communism and socialism, programs for intellectual control over society... fascism, a program for the social control of intellect. "
"From a static point of view socialism is more moral than capitalism. It's a
higher form of evolution. It is an intellectually guided society, not just a
society that is guided by mindless traditions.
That's what gives socialism its drive. But what the socialists left out and what has all but killed their whole undertaking is an absence of a concept of indefinite Dynamic Quality. You go to any socialist city and it's always a dull place because there's little Dynamic Quality."
Just don't confuse what exists in western European governments with socialism.
(Above quotes from "Lila" by Robert Pirsig)
Posted by: MrRational | January 27, 2010 2:41 PM