“As Walter Williams reminds us, capitalism is a wonderful system in part because people can only become rich by providing value to others.”
WRONG. But go on.
“That means investment, entrepreneurship, innovation, competition and other behaviors that make the rest of us better off—even if we never become millionaires ourselves.”
“Remember, the normal state of humanity is grinding poverty and material deprivation.”
In theory – this is what capitalism SHOULD be – but is it?
To the naive believers maybe still.
But it is not.
Capitalism ought to guarantee a vibrant creative economy with 100% employment aka “wealth for everybody” and creative long lasting sustainably produced products that get better by the day.
It does not.
It might be true for small and medium sized businesses (SMB) that have a very very hard time getting ANY loans from ANY bank are the most creative and actually create jobs.
But it’s not true for multinational companies.
“It’s only in the past few hundred years that many of us have escaped that fate—thanks to a system of free enterprise that channeled human greed in a productive direction.”
Maybe it was the people who fought for basic human rights and good working conditions (against owners of the factories/the capitalists and their banks) that managed to make things better for the average working citizen?
Bismarck actually introduced a state health care system, not because he wanted to do good for society, but because he wanted to have fit and not sick soldiers.
This state health care system survived him, so basically he Bismarck did good to society “by accident”. (USA health care system is for the rich only and up to this date, US-citizens lack any proper health care system that actually works for them, because short sighted capitalists do not care about health, they cares about money as income and turnover, not health)
But is this really the way forward?
Hoping that capitalists will produce “by accident” positive outcomes for society?
This is just madness and right now it does not look like help won’t come by law any time soon?
Unless a massive crisis completely obliterates and destroys “the system” and people actively formulate how they want to live.
COVID19 could be that crisis.
Maybe in the 1960s it used to be that way, but nowadays is not only “my guts” but also statistics that shows the highest GDP IN THE WORLD OF LUXEMBOURG IS NOT DUE TO CREATING VALUE, THEY CREATE FINANCIAL CRIME BY HELPING FOREIGN COMPANIES AVOID TAXES (means: stealing from the rest of the world, the average citizens ought to pay 50% and more taxes on income, but not the Top100 companies, noooo that would be unfair?).
Most famously Apple pays $50 for every $1.000.000 (one million) in income, thanks to another tax haven, Ireland.
“The company was said to be paying tax in Ireland at a rate of under 1% for two decades – just 0.005% in one year.” (souce: TheGuardian)
Okay it is REALLY no wonder, that a court in Luxembourg ruled that way.
Luxembourg itself since decades is a tax avoiding crime scene.
Wonder if people still live in Luxembourg, or if it’s only fake companies and fake offices with 10000x post boxes and computers that manage the stealing of wealth.
An internet lock down would hurt Luxembourg way more than any trade embargo.
Walter E. Williams is either blind, stupid or ignorant (blind on purpose, because it pays well).
Maybe there was this “responsible to society” capitalist of the 60s that believes in democracy, the rule of law and actually cared about it’s employees and society (not so much about nature unless forced to by laws) – in which Americans still believe and still believe they (especially Trump) could turn back time to that “golden times” – when wages basically increased and the employee did not even have to beg for it.
And there is this radical exploitational and tax avoiding “whatever sells” (especially weapons and drugs) capitalism of the 2000s, that constantly
- lowers wages
- does not care about employees or creating jobs at all very much the contrast.
- CEOs openly say, it is NOT their responsibility to create jobs, the state ought care about citizens, not private companies
- also wages “cost money” so almost every company avoid ’em like hell, constantly strive to either cut wages, destroy unions, make people work more for less
- or: lay off as much people as possible, transfer production to automation or China and so on and so on.
- The list of negative side-effects of this modern capitalism is ENDLESS.
It is also highly unsustainable and as COVID19 crisis shows, it is highly instable and thus can not deal with crisis – not even small crisis – AT ALL (folds like house of cards at slightest breeze).
It is like – making your life dependent on Windows 95.
If it crashes – your children will starve.
If that is okay with you – go about business as usual – if not – massively invest every Dollar every Euro every Yen in YOUR INDEPENDENCE from the monetary system – by creating your own fresh water (well) food (farming) and energy (solar and wind).
If a state does not support it’s citizens in this strive for independence – it is the right of the citizens to demand the state’s support – because the state acts against their interest.
Politicians are mere puppets to the super multinational conglomerates – so politicians – 90% of the time – unless pressured massively by the public on all channels – won’t act in the interest of citizens or sustainable survival of mankind and nature.
So capitalism is on the way to not only destroy itself – but all basis on which life can exist on this planet (Shell and others knew decades (in the 1980s, probably earlier) ago, by their own research, their business model was causing climate change (to the worse) not climate stability.
To be fair: there are probably two kinds of climate change (global warming and weather extremes known as climate change)
- natural changes (the dust of the meteor that caused the ice age and made dinosaurs extinct has luckily settled)
- mankind’s CO2 (heating, transportation) and methane (cows/meat)
everything lives of a balance – mankind needs to learn how to increase the stability of that balance – by everyday life – instead of adding to instability.
Maybe Mars is the only true hope for mankind.
But it is a major gamble – but Americans love gambling – so it completely fits their culture.
Bet the future of mankind on one card.
Very very risky and as said in the Shell produced video: “waiting for final proof” (that man made climate change is real) “would be irresponsible”
So would be ignorance of and gambling with the future of mankind.