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Not a shocker that corruption ruins things. I guess then the question is how you can design a broadly distributed system that removes the incentives for corruption and minimizes its impact. My guess is that such a system won't be found in capitalism
Cronyism is the logical conclusion of capitalism.
Capitalism is not "markets", people have had markets at least as long as we've had agriculture. Capitalism is markets in pieces of paper such as government bonds, tulip futures, corporate stock, etc. Capitalism is a great platform for cronyism because it accumulates huge amounts of wealth in one place. Without capitalism the wages of corruption would be much less.
Institutions like contract law and constitutionally limited government helped the reign in corruption to some extent. If corruption is to mean deceit, abuse and exploitation, corruption has existed since as long as humans have existed. That is why homicide rates in prehistory were 30%.
Not a shocker that corruption ruins things. I guess then the question is how you can design a broadly distributed system that removes the incentives for corruption and minimizes its impact. My guess is that such a system won't be found in capitalism
The problem is that the loudest voices arguing for capitalism, also tend to argue against regulation, accountability, and that sort of thing.
Why not blame human nature's shortcomings, instead of any *ism... Capitalism, Communism, Socialism and what not.
Then again, not a lot seem to happen when pointing at short-comings or issues of prioritizing profit and growth above all else in society either.
Cronyism is the logical conclusion of capitalism.
Capitalism doesn't prescribe
We should praise Capitalism for describing humanity better than other *ism
I don't think that's limited to "places like India or China".
Not a shocker that corruption ruins things. I guess then the question is how you can design a broadly distributed system that removes the incentives for corruption and minimizes its impact. My guess is that such a system won't be found in capitalism
Capitalism quite clearly requires strong regulation. At least, any sort of positive capitalism that doesn't immediately succumb to monopolies, cartels and corruption. The problem is that the loudest voices arguing for capitalism, also tend to argue against regulation, accountability, and that sort of thing.
If it is the government then it goes back to the people being aware of their interests and not allowing themselves to be manipulated. Which is never going to be the case.