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It is and it isn’t. Capitalism comes in many flavours, and the flavour that has emerged right now is the same which emerged around the 17th century - that is to
by madaxe_again 3y ago
It is and it isn’t. Capitalism comes in many flavours, and the flavour that has emerged right now is the same which emerged around the 17th century - that is to say, absurd wealth concentration and states being powerless against their elites - which generally resulted in revolution, or the mass export and mollification of would-be revolutionaries through colonialism.
Part of the problem was, is that serfs, sorry, consumers, do not have market power in the face of vast monopolies which have achieved regulatory capture. They eventually realise, when sufficiently pissed off, that they do have power, en masse - but now more than ever we have an endless mire of distraction, and mass learned helplessness - are you with the People’s Front of Judea, or the Judean People’s Front? Oh, who cares, they’re bringing the lions out.
- pdonis 3y ago> vast monopolies which have achieved regulatory capture I agree that this is a key issue, but the solution is simple: don't give governments the powers they would need for regulatory capture to work. Unfortunately, this solution is vilified by the very same monopolies who don't want to give up their privileged position, so it is extremely difficult for it to get traction. (And as far as the leftist ideas of Varoufakis are concerned, they make this problem worse, not better: in the kind of system he envisions, the entire economy is regulatory capture.)