Is Capitalism The Most Successful Economic System Ever Created?
A reader posts the following comment:
I’m with justice and truth and NOT with a cent of favoritism, unfairness and biased. But humans are selfish so no matter how many times we correlate the filth of us will come out. I believe in results and how practically it is changing the lives of the people in the field than it is around a ’round table’
Below is my answer:
Well, nature, which includes us, is full of and relies on biases, and does not rely on equality. In fact, all species rely on a fractal of those differences to adapt to nature’s changing equilibrium. Hence the systems to build for humanity are those in which the value of differences is emphasized more than the value of our commonalities.
Today, capitalism is not even a system, in the most rudimentary definition of the term, and thus no predictable outcome can be inferred. Worse, through its coagulating oligarchic controls, our current implementation freezes and narrows the standard deviation of merit, thereby limiting the ability to adjust to an ever-changing equilibrium of assets.
Indeed, our antiquated version of capitalism is eating freedom. But we can reinvent the name of the game of capitalism, quite easily. And once we do, the players will quickly follow where the new merit of money leads them.
We can and must reinvent capitalism, without throwing the baby out with the bathwater.