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> It’s a set of social arrangements that make it possible for anyone to gain and guard and keep so much wealth, even as millions of others lack for food, work,
by jimbokun 5y ago
> It’s a set of social arrangements that make it possible for anyone to gain and guard and keep so much wealth, even as millions of others lack for food, work, housing, health, connectivity, education, dignity and the occasion to pursue their happiness.
Modern capitalism has done more to feed, house, and clothe people, provide for advanced medical care, educate people, and enable people to pursue their own happiness, than any other economic system we have come up with so far. The rise in prosperity of China and India over the past several decades as they adopt more capitalist economies has been astounding, as a couple prominent examples.
Capitalist excesses also abound, and there are many places that could benefit from more government intervention, and the USA is likely near the top of that list.
But that doesn't change the fact that the system that creates billionaires also has led to unprecedented prosperity and human flourishing.
- pwinnski 5y agoAbsolutely true. Almost all of what you describe happened when the USA had a 70-94% top marginal tax rate and very few billionaires, though. The grossest of distortions has come along after the pace of benefits has long since dropped considerably.
- jimbokun 5y agoThat doesn't apply to the stunning rise in prosperity in India and China more recently, though.
- pwinnski 5y agoInasmuch as the stunning rise in prosperity in China is relevant, it should be noted that China is a communist country, so it's not clear that any increase in prosperity there can be attributed to capitalism.
- jimbokun 5y agoChina is not economically communist. They have adopted a heavily capitalist economic model and have seen their prosperity rapidly improve since then.