Take heart in the knowledge that more people have been pulled out of abject poverty in the last century, thanks to capitalism, than any other time in human history. *Billions* of people can afford food and shelter and clothing now, who would otherwise have died. We have eradicated diseases which have plagued humanity and caused incalculable harm. People are surviving all manner of afflictions like cancer and heart disease. We have harnessed flight, and billions of people can now afford to travel to the other side of the world to begin a new life, or just experience another culture. The internet has enabled the poorest people in the most remote regions of the world to learn advanced knowledge, start businesses, and improve their lives and the lives of their communities.
Anyone who lives in a first world nations lives an infinitely better life than even kings did just a century or two ago. I think it is easy to see the negatives that living in our world entails, but in truth, there are so many positives, and I think it behoves us to remember that.
I do. My parents do. My wife does. Most of my friends do. Her parents do. Most of my colleagues do.
To be clear, I am not claiming that everyone is universally better off today than 20 years ago. Obviously that would be silly. I’m making the case that modern society affords many benefits in aggregate.
> Take heart in the knowledge that more people have been pulled out of abject poverty in the last century, thanks to capitalism, than any other time in human history
As economist, this entire sentence repulses me. No, it wasn't thanks to frantic capitalism. None of the "mechanism" that are adjudicated to frantic capitalism alone mean everything to bring most people out of poverty. What actually has brought more people out of poverty was consistent growth paired with a fairer distribution of the gains in productivity... which is not an economic system feature
Well, not only I have a title, you can't respond with anything of substance because my comment gave you no chance to respond with anything other than your opinion. That's how you shut down keyboard warriors such as yourself.
This is a tautology. Technological advancement doesn’t just appear. It’s the product of an interconnected social and economic system which encourages risk-taking. I can speak to my industry: pharmaceuticals. New drugs are developed because brave people are willing to risk billions of dollars. Most drugs fail. If they were smart they’d retire to a beach somewhere, but thankfully they want even more money, and they invest unbelievable piles of money into moon shots in the hope that one day they cure cancer and make a fortune.
Contrary to what Reddit might tell you, the majority of new drugs are developed by private industry, not universities. These include life changing drugs like propranolol, fluoxetine, sildenafil, atorvastatin, semaglutide, and many more.
Elon Musk didn’t build globally distributed internet for a laugh. He hasn’t reduced the cost of space logistics by 90% for fun. He did it because he wanted more money. He was incentivised to risk his entire fortune on more than one occasion.
Thanks to. Humanity has attempted 37 separate experiments with communism in the last century alone, and they resulted in 100M+ deaths. To be clear, no one is claiming that capitalism is perfect. Merely that it is the best of all the options on the table. The problem with communism is that it doesn't account for the human element. Most notably greed, corruption, and nepotism. The reason capitalism succeeds where communism fails is that it embraces the ugly underside of humanity and harnesses it for good. Elon Musk would never have revolutionised internet payments, EVs, space-based internet distribution, and reduced space transport costs by 90% if there were no reward for him. Humanity benefits thanks to his greed.
Yes but we can't run a simulation of what life would have been like if, say, we'd had monarchies or socialism instead, and technology kept advancing. We can only state what has transpired. If there was no Elon Musk, would someone else have had the vision to build out the super charger network and the gigafactory to have forced electric vehicles into being viable? If the Wright brothers hadn't been the first to fly, would someone else have managed to do the same thing? The first transatlantic telegraph cable failed.
This is why we should rely on precedent. It’s not like we haven’t tried other forms of governance and economies. We have. Many. The best so far has been capitalism. Since I live in Denmark I would argue the best social outcomes are from strong capitalist economies with strong social safety nets.
I would currently classify China as a one-party socialist state under Communist Party rule with a state-directed mixed-market economy. Under Mao Zedong, China was a relatively faithful adherent Marx's writing and vision for communism, and I would classify it as communist one-party state with a highly collectivised, state-directed command economy.
The tricky thing about governing and economic systems is that they're never ideologically pure. No previous system can ever be called "purely" communist, nor can any current system be called "purely" capitalist. We therefore often analyse outcomes from nations using the dominant system is the lens.
Then why would you claim that capitalism is the largest driver of poverty reduction when China was the largest contributor to poverty reduction in the last 100 years? Add to that USSR and it is clear that you should be thanking socialism and not capitalism.
Anyone who lives in a first world nations lives an infinitely better life than even kings did just a century or two ago. I think it is easy to see the negatives that living in our world entails, but in truth, there are so many positives, and I think it behoves us to remember that.