4 ms·
It's not really an either or question, and, unlike the environment, 'capitalism' seems to have different meanings to different people, often somewhat divergent
by somewhereoutth 5y ago
It's not really an either or question, and, unlike the environment, 'capitalism' seems to have different meanings to different people, often somewhat divergent from its proper definition.
Let's take capitalism to mean capital allocation by independent profit seeking entities within a (state mandated) market framework.
Such a system has turned out to be fairly efficient at resource allocation, in purely economic terms, compared to e.g. central planning. It encourages the rule of law, requiring as it does strong property protections. Since actors are expected to be independent, it also fits nicely with ideas of personal freedom (at least, for capital owners anyway).
Unfortunately, in its remorseless drive for greater extractive efficiency, it tends to trash anything external to the market system within whose logic it operates. Namely, the health and dignity of workers, and the environment.