Is Capitalism Flawed?

[TheCoinFinder]

Every system comes with its excellance. We only people make it flawed. Some people perform capitalism affecting  economy doing illegal activities.
Thus the government is slipshod and responsible

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[RealBitcoin]

All talk and no walk

So you came here claiming that capitalism is bad, okay with that. Now you claim that communism is in fact badder and you say that there should be a better system than these two. And what is it specifically? What is your point beside mere enumeration of capitalism flaws, which we all are more or less familiar with? What is this "universal income" if you don't actually imply a variety of communism? That's what I mean by you being a "communist deep inside" (deep inside your self)

But you make it sound like only these 2 systems can exist, if you don't like one you must choose the other. Sounds like a false dichotomy.

Why can't there be a 3rd way. And what does UBI have to do with communism?

Communism was all about enslaving people in labor camps, UBI is about helping the poor. I think there is a lot of difference between it.

[RealBitcoin]

Surely, it is. That is the reason economists always stress on implementing Capitalism in only those countries which are rich enough to sustain person-to-person competition.
Coming to your listed points, all points stress on single idea and that is "Capitalism widen gap between richs and poors." No doubt its true enough. But this doesn't make the Capitalism failure. Capitalism is important form of economy setup and the one resulting in most growth as well as economic development. Thus, it is important for global development.

I never said it's a total failure, I said that it has flaws and has to be fixed.

I recognize the technological advancements caused by Capitalism and that is good.

But on the other hand people are getting poorer each day, and jobs are lost to automation. How do you solve that issue?

I think a universal basic income is needed.

[Ultegra134]

Surely, it is. That is the reason economists always stress on implementing Capitalism in only those countries which are rich enough to sustain person-to-person competition.
Coming to your listed points, all points stress on single idea and that is "Capitalism widen gap between richs and poors." No doubt its true enough. But this doesn't make the Capitalism failure. Capitalism is important form of economy setup and the one resulting in most growth as well as economic development. Thus, it is important for global development.

I never said it's a total failure, I said that it has flaws and has to be fixed.

I recognize the technological advancements caused by Capitalism and that is good.

But on the other hand people are getting poorer each day, and jobs are lost to automation. How do you solve that issue?

I think a universal basic income is needed.

To be frank, you simply don't, automation is bound to happen, just check how much artificial intelligence has developed, or the increase of machine usage in factories.
There's not much to do for the people who are getting poorer each day.

[mamaya]

Universal basic income will be needed eventually but we are currently still in a resource scarce world and capitalism is the only system that is efficient as it uses peoples greed to incentivize them towards production.

The line starts to get blurry though and its hard to say when UBI needs to start and how much it should be.

[Granxis]

Capitalism is based on very solid foundations, I am never a capitalist, but I have, unfortunately, seen the most harmful of the real, capitalist system.

[deisik]

All talk and no walk

So you came here claiming that capitalism is bad, okay with that. Now you claim that communism is in fact badder and you say that there should be a better system than these two. And what is it specifically? What is your point beside mere enumeration of capitalism flaws, which we all are more or less familiar with? What is this "universal income" if you don't actually imply a variety of communism? That's what I mean by you being a "communist deep inside" (deep inside your self)

But you make it sound like only these 2 systems can exist, if you don't like one you must choose the other. Sounds like a false dichotomy.

Why can't there be a 3rd way. And what does UBI have to do with communism?

Communism was all about enslaving people in labor camps, UBI is about helping the poor. I think there is a lot of difference between it

What is UBI specifically?

Who is going to pay it and why helping the poor this way is going to change anything? I guess it should be as cleas as day that it won't make them rich. We already have social benefits to be paid to the unemployed and disabled (obviously, different countries have different systems in place), but this is utterly inconsequential to either capitalism or communism. That is to say, these benefits don't change anything in particular in the social and economic order of the state. So how exactly is this universal income going to change the current lay of the land?

[Przemax]

Is Capitalism flawed? I used to believe that Capitalism solves issues, but if I really look around me, it actually only creates more issues that were not here before.

> There are many rich people with tons of capital but there are more unemployed people that will not have access to that

> People are living in luxury mansions and driving very expensive car, and then kids are starving in other places

> Profits of companies is going up, but real wages going down, people are living paycheck to paycheck

> Everyone is in debt, nobody has any savings, and most people are working part time jobs

> Nobody has a house, nobody can afford one, yet real estate speculators own thousands of them

> Banks have trillions of $ of money, but they still charge you 50$ / transaction because of their greed

> People have no future prospects, no career opportunity, they just live from paycheck to paycheck trying to pay off the debt and buy some shit GMO food filled with poison, because why sell healthy food to the public when the GMO food is more profitable?


It looks to me like Capitalism is flawed. Nobody has any money and everyone is suffering. I think a universal income must be implemented as fast as possible.

The renegade economist Michael Hudson is in my opinion right about the current economical model. We are heading towards the feudalism. The reason for that, is not what we call capitalism, or something like that. The reason for that is a profit taking from a rent. People are aquiring the gains from the rent. There should be a division from wealth - which could be a knowledge, money, means of production etc., and distinct it from the unjustified gain like from renting something. There is nothing wrong with being wealthy - its a problem of defining wealth and making it distinct from being a rentier.

If someone for example is giving the factory to workers, he should have something from it. Thats just. But.... the gain from the fact that he have factory should be minimalise to some time. For example a 20 or 30 years. If that would not happen there is no difference between the factory owner and feudal nobility, that capitalism was suppose to make obsolete.

The problem with this system is ujustified rent seeking - the definition of feudal model in itself.

[Colt22]

In General you are right, but there is one inaccuracy. Even under capitalism it is impossible to allow to the market was completely free. In all capitalist countries there are antitrust laws. This regulatory method allows you to control the market, so it is under capitalism, too, is not free.

Capitalism does not offer you complete freedom. All states that have capitalism type of government do have laws to control their markets. In general, there is no system in the world that allows complete freedom to the members of the state. All in one way or another are continuously trying to rule innocent people.

[nightrider]

Every system comes with its excellance. We only people make it flawed. Some people perform capitalism affecting  economy doing illegal activities.
Thus the government is slipshod and responsible

Without any perfect system, it always carries holes, the problem is the time when it occurs, bitcoin is also a typical example, the bitcoin flaw is not enough blocks to make quick transactions.

[ekoice]

Capitalism is only for the benefit of rich and not for the poor.Banks are an important aspect of capitalism.They collect deposits from middle class people,pay them very low interests and lend that money to big investors and rich people.Also,they charge heavy transaction fee for even smaller transaction mounts and sucked money of poor people more.Thats why satoshi created this revolutionary digital currency,bitcoin with decentralized nature.He wanted to free people from bankers and find a system in which money could be sent P2P without indulging banks at a very low fee.Bitcoin is almost achieving what satoshi dreamed and now it has become the worst nightmare not even to banks,but also to capitalists who think that they only deserve to be rich people.

[yoseph]

Is Capitalism flawed? I used to believe that Capitalism solves issues, but if I really look around me, it actually only creates more issues that were not here before.

> There are many rich people with tons of capital but there are more unemployed people that will not have access to that

> People are living in luxury mansions and driving very expensive car, and then kids are starving in other places

> Profits of companies is going up, but real wages going down, people are living paycheck to paycheck

> Everyone is in debt, nobody has any savings, and most people are working part time jobs

> Nobody has a house, nobody can afford one, yet real estate speculators own thousands of them

> Banks have trillions of $ of money, but they still charge you 50$ / transaction because of their greed

> People have no future prospects, no career opportunity, they just live from paycheck to paycheck trying to pay off the debt and buy some shit GMO food filled with poison, because why sell healthy food to the public when the GMO food is more profitable?


It looks to me like Capitalism is flawed. Nobody has any money and everyone is suffering. I think a universal income must be implemented as fast as possible.

In some ways capitalism is a flawed system, the rich are getting richer, but capitalism has the means of making anyone rich overnight, there are stories of people becoming rich because of the concept of their ideas. The rich are rich because they dream and they had the opportunity of pursuing their dreams.

[|Bitkoin|]

Capitalism solves lots of issues. It is an amazing system, which facilitates growth of economies at rates the likes of which have never been seen before. However, no system is perfect. Inherent in capitalism are flaws, just like any other ideology. MAny people do not agree fundamentally with capitalism. When new systems arise, there is always strong support by many people (otherwise they could not arise to begin with). Look at National Socialism - was easily as popular as capitalism and collapsed in just 20 years.

[Hydrogen]

I think a universal basic income is needed.

Universal Basic Income may be a question of whether a private sector can create jobs more efficiently and effectively than a state can provide welfare. New programs like UBI require the introduction of new tax hikes to create a revenue stream. This can be a real issue in countries like the united states where many support single payer healthcare but few support additional tax hikes for funding purposes.

[northstarh]

Universal basic income will be needed eventually but we are currently still in a resource scarce world and capitalism is the only system that is efficient as it uses peoples greed to incentivize them towards production.

The line starts to get blurry though and its hard to say when UBI needs to start and how much it should be.

Capitalism makes it easier than all other political regimes, however, it is not the only mode that can do that. Many countries are moving towards capitalism, but I think they need a long period of time to change.

[webtricks]

Surely, it is. That is the reason economists always stress on implementing Capitalism in only those countries which are rich enough to sustain person-to-person competition.
Coming to your listed points, all points stress on single idea and that is "Capitalism widen gap between richs and poors." No doubt its true enough. But this doesn't make the Capitalism failure. Capitalism is important form of economy setup and the one resulting in most growth as well as economic development. Thus, it is important for global development.

I never said it's a total failure, I said that it has flaws and has to be fixed.

I recognize the technological advancements caused by Capitalism and that is good.

But on the other hand people are getting poorer each day, and jobs are lost to automation. How do you solve that issue?

I think a universal basic income is needed.

As you introduce the concept of universal basic income, I would like to plot the example of government sector in my country. In India, government job means total job security and stability as well as regular pay. Thus government employees are off standard and public sector in India is much behind the private. Thus introducing universal basic income will leads to huge decline in global productivity. And what about new innovations taking place everyday??

[RealBitcoin]

Surely, it is. That is the reason economists always stress on implementing Capitalism in only those countries which are rich enough to sustain person-to-person competition.
Coming to your listed points, all points stress on single idea and that is "Capitalism widen gap between richs and poors." No doubt its true enough. But this doesn't make the Capitalism failure. Capitalism is important form of economy setup and the one resulting in most growth as well as economic development. Thus, it is important for global development.

I never said it's a total failure, I said that it has flaws and has to be fixed.

I recognize the technological advancements caused by Capitalism and that is good.

But on the other hand people are getting poorer each day, and jobs are lost to automation. How do you solve that issue?

I think a universal basic income is needed.

To be frank, you simply don't, automation is bound to happen, just check how much artificial intelligence has developed, or the increase of machine usage in factories.
There's not much to do for the people who are getting poorer each day.

Yes there is, you can add UBI.

What is UBI specifically?

Who is going to pay it and why helping the poor this way is going to change anything? I guess it should be as cleas as day that it won't make them rich. We already have social benefits to be paid to the unemployed and disabled (obviously, different countries have different systems in place), but this is utterly inconsequential to either capitalism or communism. That is to say, these benefits don't change anything in particular in the social and economic order of the state. So how exactly is this universal income going to change the current lay of the land?

Automation is displacing many jobs.

If there are no jobs, there is no income. The corporations will have nobody to sell their products and services too. It's the tragedy of capitalism.

Worker income shrinks due to greedy corporations, and then their profits shrink too, since nobody is left to buy their stuff.

The only solution is UBI, the corporations should pay a % of their profits into an UBI system which gets redistributed across the people.

It could work perfectly, everyone wins in the end.

[KenR]

Every system comes with its excellance. We only people make it flawed. Some people perform capitalism affecting  economy doing illegal activities.
Thus the government is slipshod and responsible

The only model common in capitalism and an democratic organisation is ,The Rich Become The Richer and the poor remain the poorer.There is no cure,this is how the system have been designed and that's how it's going to be in the future. Capitalism isn't in favour of the poor,never was.

[btcbug]

Is Capitalism flawed? I used to believe that Capitalism solves issues, but if I really look around me, it actually only creates more issues that were not here before.

I cringe when I see somebody ask the question without first defining the term "Capitalism".
 
First, tell us how you define Capitalism because otherwise you will get a hundred answers, none of which may even be addressing the same idea.

I'll answer your questions using what I consider to be the traditional definition, from Dictionary.com

CAPITALISM - "Also called free enterprise, private enterprise. an economic system based on the private ownership of the means of production, distribution, and exchange, characterized by the freedom of capitalists to operate or manage their property for profit in competitive conditions"

So the distinction that needs to be made is whether you are referring to a free market system (purely private property) or a mixed socialist economy (where the government intervenes when it sees fit). The essence of Government is being a monopoly on the use of force. In other words, if you don't comply, men with guns will eventually kidnap you and throw you in a cage. When the Government pokes its finger into the natural, voluntary, free movement of individual exchange, it is much the same as stepping on an Ant hill or maybe burning down part of a forest ecosystem. People will simply route around the inefficiency e.g. black markets.

If you define Capitalism as what you see in most Western countries today, than you won't agree with me. For the sake of argument and simplicity though, I think it makes sense to view the Economy as an ecosystem or natural order composed of Billions of actors working independently, yet also cooperatively through free exchange. The saying, "Live and let live" really sums it up well I think. The people that seek to intervene, manipulate and control the economy are extremely arrogant, economic illiterates who probably do not even have their own lives or families sorted out yet, most likely due to their own uncertainties, fears and lack of moral compass, they wish to impose their will on through the power of state legislation instead of leading by example.

> There are many rich people with tons of capital but there are more unemployed people that will not have access to that

> People are living in luxury mansions and driving very expensive car, and then kids are starving in other places

> Profits of companies is going up, but real wages going down, people are living paycheck to paycheck

> Everyone is in debt, nobody has any savings, and most people are working part time jobs

> Nobody has a house, nobody can afford one, yet real estate speculators own thousands of them

> Banks have trillions of $ of money, but they still charge you 50$ / transaction because of their greed

> People have no future prospects, no career opportunity, they just live from paycheck to paycheck trying to pay off the debt and buy some shit GMO food filled with poison, because why sell healthy food to the public when the GMO food is more profitable?


It looks to me like Capitalism is flawed. Nobody has any money and everyone is suffering. I think a universal income must be implemented as fast as possible.

There will always be rich and poor. Dominant or weak. Free markets will not create a utopia where everyone is equal, however they will give everyone the best chance.

Government exacerbates the problems you've highlighted because the rich and corrupt simply capture it and use legislation to make themselves richer. It's the collective delusion that state power is legitimate, which gives these sociopaths the opportunity to control us. Why do you think Bill Gates can't just create mandates and expect people to obey? Because he has no coercive authority! Microsoft is nobody, but call yourself a Government and now you have legitimacy in the eyes of the slaves. In fact, Slaves will beg you to increase your power because they believe it's moral and legitimate.

In a free market, entrepreneurs must necessarily provide value to many people in order to become wealthy. They need to persuade you to buy their products. Unrestricted competition keeps their greed in check.

In socialism, government claims they need to forcibly intervene to keep business in check. In other words, people (government) claim that using coercive power is sometimes necessary because the market is inherently flawed. Once you go down the road of excusing violence, you never come back!

So in my opinion, Free Market Capitalism is not flawed, nor is it a "system" that has been imposed. It is simply the natural order or an ecosystem composed of billions of individual actors, exchanging voluntarily. When somebody violates your private property by using physical force or fraud, then they should be punished obviously, but we don't do that by granting a complete and total monopoly on that "justice system" to a government. If we do, then the question is, who will regulate the regulators? Who will investigate the investigators?

Crony Capitalism, Crapitalism or Socialism are the terms I would give to the corrupt systems we currently have in the West. If you want to define Capitalism this way, than I would completely agree with you that it's very flawed.

[bassong]

To be fair, most flaws will self-correct. For example, in the venture capital industry, we have seen a decade-long scam of taking limited partners for a ride, raising big funds, extracting large management fees to the tune of millions annually, and then returning negative on the investment. This, for sure, has already started self-correcting.