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> If you assume that capitalism is intended to work not in the way sought by the people who drove the move to capitalism but instead according to idealized econ

> If you assume that capitalism is intended to work not in the way sought by the people who drove the move to capitalism but instead according to idealized economic theories much younger than capitalism, sure. I actually agree with you. Much of the foundation of capitalism was based on flawed assumptions ("perfect information" being a major one). Huge amounts of abuse were allowed to be perpetuated as a result, and it's fair to call into question the legitimacy of the entire enterprise. That said, there are good ideas in capitalism, and we shouldn't throw out the baby with the bathwater.

dragonwriter 7y ago
> Much of the foundation of capitalism was based on flawed assumptions ("perfect information" being a major one) Perfect information isn't part of the foundation of capitalism. It's part of rational choice theory, which didn't exist until long ashtray capitalism. (There are arguments for capitalism rooted in rational choice theory, but those are retroactive justifications not the foundation of the system.) > Huge amounts of abuse were allowed to be perpetuated as a resul The abuse predates the theory “justifying” it, the theory isn't the cause of the abuse. Capitalism historically wasn't grounded in theory, it was grounded in the opportunism of the mercantile class under late feudalism leverage wealth, power, and the opportunities created by new technology to rearrange society so that the mercantile class (the subset that became the capitalist class) could displace the economic (and also political) power for the feudal nobility.