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There are a few ways in which the system is self-correcting, though not in a clean or happy-path way. First there's just the fact that when a significant perce
by georgemcbay 3y ago
There are a few ways in which the system is self-correcting, though not in a clean or happy-path way.
First there's just the fact that when a significant percentage of a population is unable to participate in an economy in a meaningful way the economy falls apart from within. What's the point in controlling the "means of production" when almost nobody can afford what you produce because they are not generating value within that economy? This is something that the industrial era capitalists (who were generally terrible people, don't read this as me trying to make heroes of them) understood enough to deal with in some proactive ways but which for whatever reason we seem to be mostly blind to currently as we rush toward another inflection point for modern capitalism.
Secondly, there's the reality that when a significant percentage of the population is becoming unhoused and starving there will be revolt and those owning the means of production will be violently eliminated by any means necessary (absent some sort of collective agreement to keep the majority comfortable). Large masses of people wanting for basic necessities for themselves and their families don't just disappear through the cracks like they do on a smaller scale when a relatively small number of have-nots (relative to the whole of the economy) are easy for society to marginalize and ignore.
So it is really in everyone's interest (even the interest of the increasingly consolidated group with the 'means of production') that we figure this stuff out moving forward and sooner rather than later. I'm not confident we will do so before widescale bad outcomes for everyone begin to occur, but when the system begins to become unbalanced enough to start shearing itself apart nobody will be unscathed, so it's rather silly that we aren't already working on real solutions.