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Seven Fixes for American Capitalism

bloomberg.com

11–20 of 146 posts

Re: Seven Fixes for American Capitalism

#11

The title implies Capitalism is broken. It's not. Capitalism has provided more benefits to more people than any other economic system in history. American Capitalism has produced the telephone, the automobile, the personal computer, the cell phone, the internet, and made us one of the richest countries in the world. A better title would be, Tweaks that can make American Capitalism Better.

If my car has a broken headlight, my car is still broken and I still fix it, even if it has been providing value and even if it still does so. The implication is only that it isn't living up to its promises, not that it is not worth keeping. (Besides, the title refers to American Capitalism.)

Re: Seven Fixes for American Capitalism

#12
post #2

> “I don’t even think stasis is compatible with liberty,” he told the Washington audience. - Bezos Suppose one were to attempt to steelman Jeff’s statement. Is there any credible basis for this statement? Or is it just one of those things that powerful people say because it makes them sound profound and they don’t have to follow it up with substantive supporting evidence.

If he's talking about economic stasis, let's give it a go:

1) Economics are the monetary interactions of a given society, subgroup, population, etc

2) stasis refers to not just stagnation, but a complete lack of change

3) total lack of change at a meta-scale like a society only exists in totalitarian societies

4) in the case of total economic stasis, you would need a command economy/controlled economy

5) in the scenario of a command economy, some of the people involved in the economy would fundamentally need to be oppressed

6) therefore, regardless of any moral or ethical judgements, a totally static economy would be inhibiting of the liberty of any given individual participating in it

Now, that said, there are many things to be gained by limiting what people are allowed to do. By the same course of logic you could argue that all laws are incompatible with liberty, since technically the government is trying to force you not to kill people, for instance. Obviously that is still to the benefit of society even if you personally have one fewer option. At this point it comes down to the fact that laws and regulations, when done correctly, can increase the number of practical/feasible options available to a populace, even though they technically restrict some of the options that would cause a society to fall apart. People can accomplish more in groups than they could on their own due to the options of specialization and parallelizing work becoming viable when they have restrictive agreements to cooperate. That's the whole point of companies.

So this is IMO a case of him being technically correct while still not making a very deep or substantial point in the overall context.

Re: Seven Fixes for American Capitalism

#13
Anti-trust isn’t equipped to deal with anything because it’s arbitrary and vague. “You’re too big because some bureaucrats said so” is not law. That’s not justice. It’s totalitarian.

How can a company avoid breaking the law if they don’t know they’re breaking it?

Re: Seven Fixes for American Capitalism

#15

The title implies Capitalism is broken. It's not. Capitalism has provided more benefits to more people than any other economic system in history. American Capitalism has produced the telephone, the automobile, the personal computer, the cell phone, the internet, and made us one of the richest countries in the world. A better title would be, Tweaks that can make American Capitalism Better.

> Capitalism has provided more benefits to more people than any other economic system in history.

Stop spinning this as an argument that capitalism is not broken. It's merely less broken than alternative systems and evidently only works in conjunction with heavy regulation.

Historic examples of (nearly) unregulated capitalism exist and they are horrifying.

Re: Seven Fixes for American Capitalism

#16

The title implies Capitalism is broken. It's not. Capitalism has provided more benefits to more people than any other economic system in history. American Capitalism has produced the telephone, the automobile, the personal computer, the cell phone, the internet, and made us one of the richest countries in the world. A better title would be, Tweaks that can make American Capitalism Better.

How many people need to be working for sub-poverty wages before we can say American capitalism isn't perfect? How many inches do the oceans need to rise? How many people need to file bankruptcy due to medical bills?

No wonder we can't fix our problems if people insist on pretending their aren't any.

Re: Seven Fixes for American Capitalism

#17

The title implies Capitalism is broken. It's not. Capitalism has provided more benefits to more people than any other economic system in history. American Capitalism has produced the telephone, the automobile, the personal computer, the cell phone, the internet, and made us one of the richest countries in the world. A better title would be, Tweaks that can make American Capitalism Better.

Why does capitalism get the credit for industrial and scientific breakthroughs? That's begging the question, no? There is absolutely zero proof that these things are inclusive of one another, and plenty of evidence to the contrary. Especially when the current capitalistic system is not reasonably sharing the benefits of these breakthroughs?

Re: Seven Fixes for American Capitalism

#18

Anti-trust isn’t equipped to deal with anything because it’s arbitrary and vague. “You’re too big because some bureaucrats said so” is not law. That’s not justice. It’s totalitarian. How can a company avoid breaking the law if they don’t know they’re breaking it?

It's like a law against harrassment...it requires human judgment. Some harassment is obvious. Some depend on perspective. Enforcing harassment laws can still be justice even though it is arbitrary and vague.

Hell, if laws weren't arbitrary and vague depending on circumstance, we wouldn't need lawyers and courts!

Re: Seven Fixes for American Capitalism

#19

The title implies Capitalism is broken. It's not. Capitalism has provided more benefits to more people than any other economic system in history. American Capitalism has produced the telephone, the automobile, the personal computer, the cell phone, the internet, and made us one of the richest countries in the world. A better title would be, Tweaks that can make American Capitalism Better.

Ok. We found a good move. But did we find the best move? Or, somewhat more weakly, can we find a better move?

Don't let the good be the enemy of the better.

Re: Seven Fixes for American Capitalism

#20

Anti-trust isn’t equipped to deal with anything because it’s arbitrary and vague. “You’re too big because some bureaucrats said so” is not law. That’s not justice. It’s totalitarian. How can a company avoid breaking the law if they don’t know they’re breaking it?

>>Anti-trust isn’t equipped to deal with anything because it’s arbitrary and vague.

That's something of a gross mischaracterization of antitrust law. The Sherman Act and other laws provide various guidelines as to what constitutes anticompetitive conduct. Through the succeeding decades since the introduction of antitrust legislation courts have also consistently built up case law that provides further guidance.

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