Earlier quoted context omitted.
great is a relative term. It's much better than feudalism, and certainly better than the most prominent socialisms that've been tried (USSR, China etc). However, it does not align incentives towards the things we think are "good", like maintaining open source software, securing software, etc - so it certainly isn't ideal.
Yea I mean nothing is perfect. While capitalism doesn’t lend well to maintaining open source software (which I find to be a surprising comment given that GitHub exists) it does lend well to things like having a house, or being able to save money for retirement, or to creating markets where you get products you want. YC for example has enabled lots of founders to create brand new companies and services we all use. So…
Github doesn't maintain the open source software they host.
> it does lend well to things like having a house
Capitalism isn't the originating point of houses though. However, it is the originating point of mortgages, and the massive profits banks draw off of them. I'd say it's a double-edged sword on that front.
> The world’s most capitalist countries also have the highest standards of living (Norway, Sweden, etc.).
Those countries are social democracies - they invest a lot into welfare and the state. The US is probably the world's most capitalist country, that or South Korea. Both have terrible standards of living for poorer people.
Fundamentally, the incentives of capital drive towards maximising profits and minimising costs - everything else is surplus to requirements. I'm not on board with the people who think capitalism is the worst thing ever, but its incentives are pretty bad and it's usually better off mixed with taxes, regulation, nationalisation etc into a mixed economy.