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>Right but it's not capitalism as such that does that. I assume by "that", you mean the concentration of wealth. But capitalism does concentrate wealth as a ma
by vannevar 5y ago
>Right but it's not capitalism as such that does that.
I assume by "that", you mean the concentration of wealth. But capitalism does concentrate wealth as a mathematical inevitability, because of the strong feedback loop between capital and income. The old saying, the rich get richer is literally true: having money makes it easier to make more money. It's intrinsic to the system. On an individual level, it's worldwide (ie, the disparity between individuals is increasing, though the disparity between nations is decreasing; see https://unu.edu/news/news/global-income-inequality-up-or-down.html https://unu.edu/news/news/global-income-inequality-up-or-dow...).
That doesn't mean we should throw the whole thing out, but it does mean we can't just take our hands off the wheel and let it run laissez faire.