Riot Games laying off 11%

Your reference to the transatlantic slave trade and its erroneous association with capitalism is not only historically inaccurate but intellectually dishonest. Let’s be clear: the transatlantic slave trade resulted in the tragic deaths of approximately 1.2 to 2.1 million people, a horrifying figure. However, to compare this to the atrocities committed under Mao and Stalin, where the death tolls reached tens of millions - estimates suggest around 45 million under Mao and 20 million under Stalin - is not just deceitful but numerically absurd. Conflating the horrors of slavery with the principles of free-market capitalism, which fundamentally hinge on individual liberty and property rights, is beyond outrageous. It’s a gross misrepresentation of history and a blatant disregard for the millions who suffered under truly oppressive systems. Such distortion of facts is unacceptable in any serious debate about economic systems and their impact on human life and liberty.

The claim that the Dark Ages represent an era of capitalism is a fundamental misunderstanding of both history and the essence of libertarian capitalism. The Dark Ages, characterized by feudalism, lacked the core tenets of modern capitalism – namely, individual property rights and the principle of non-aggression. True libertarian capitalism, as we understand it today, emerged around the 1800s, bringing with it unprecedented economic growth and scientific progress. This system is founded on respect for individual rights, voluntary exchange, and freedom from coercion – principles nonexistent in the feudal societies of the Dark Ages. In stark contrast, collectivism and socialism, despite their relatively recent emergence, have consistently failed wherever tried, lacking the efficiency and innovation-driven growth inherent in capitalist systems. It’s crucial to distinguish between these vastly different epochs and ideologies. Modern libertarian capitalism is not only the most successful system in human history for advancing prosperity and human well-being, but also a cornerstone for scientific and technological advancement.

The supposed success of the USSR, which was indeed a threat to the US, was built on a foundation of resource exploitation, extreme violence, and suppression of individual freedoms. This model proved to be unsustainable, ultimately leading to the USSR’s collapse. The real threat was not its competitive prowess but its potential for global destabilization through military force and ideological expansion. As for the modern resurgence of collectivist ideas, now often cloaked in terms like ‘progressive,’ ‘social democratic,’ and ‘social justice,’ these are merely rebranded versions of the same failed ideologies. They promise equity and fairness but historically deliver devastation and disaster. This isn’t just a theoretical debate; it’s a matter of learning from history to avoid repeating catastrophic mistakes. The resurgence of these collectivist ideas poses a real threat to the future of humanity, as they undermine the principles of individual liberty, economic freedom, and innovation that have driven human progress. It’s crucial to recognize and resist these regressive ideologies for the sake of preserving and advancing a prosperous and free society.

Lastly, the assertion that the last 20 years of capitalism have led to the fastest falling living standards is factually incorrect. On the contrary, global living standards have significantly improved over this period. The World Bank and other international organizations consistently report reductions in extreme poverty and improvements in health, education, and overall quality of life worldwide, largely due to the spread of market-based economies. Furthermore, the greatest environmental challenges are often seen in authoritarian and totalitarian regimes, where there is less transparency, weaker environmental regulations, and less accountability. In contrast, many capitalist countries have been at the forefront of adopting sustainable practices and investing in green technologies. It’s essential to base our arguments on accurate data and acknowledge the complex interplay between economic systems and environmental outcomes.

It appears we’re talking past each other, stemming from a fundamental misunderstanding of what capitalism, especially libertarian capitalism, truly represents. Capitalism is not feudalism, colonialism, mercantilism, anarchy, nor fascism. Each of these systems, in their own way, violates the core tenets of libertarian capitalism - which are freedom of movement, freedom of exchange, property rights, equality under the law, and voluntary transactions without coercion or violence.

The statement ‘when capital rules it trumps individual rights and liberties’ is a mischaracterization. In capitalist systems, capital doesn’t ‘rule’ – it’s merely a tool in a framework where individual rights and liberties are paramount. The free market depends on a rule of law where the state ensures a level playing field, not by controlling the economy but by safeguarding these rights and freedoms.

Your focus on slavery, while an important historical issue, is a misapplication in this context. Slavery, as practiced in colonial times, was the antithesis of libertarian capitalist principles. It was based on coercion and violence, the very things libertarian capitalism opposes. Similarly, child labor in its exploitative historical context was a result of a lack of regulation protecting individual rights, not a feature of capitalism. Capitalism didn’t invent child labor, but it did help end it. While socialist regimes like the Soviet Union exploited child labor extensively under the guise of equality, it was the economic growth fueled by capitalism that empowered societies to enact labor reforms. The wealth created by free markets enabled the development of laws that protect workers, proving that capitalism is a solution, not the problem.

Conflating the failures and injustices of feudalism, colonialism, and other oppressive systems with libertarian capitalism is a distortion. It’s essential to understand and debate these concepts based on their actual principles and historical implementations, not on mischaracterizations or conflated definitions.

Claiming that unregulated capitalism leads to child labor, organ trade, and slavery is a gross misrepresentation. Let’s look at the facts:

- Child labor is still a grave issue in countries like the Democratic Republic of Congo, often linked to cobalt mining, where the government does not enforce labor laws effectively, and the economy is far from a libertarian capitalist model.

- Organ trade thrives in regions with weak legal systems and rampant poverty, like certain parts of Asia and the Middle East, not in countries with strong property rights and free markets.

- Modern slavery and human trafficking are most prevalent in nations where the rule of law is weak, and economic freedom is limited, such as North Korea and Eritrea, not in libertarian capitalist societies.

These examples clearly show that such human rights abuses are more common in environments lacking the core principles of libertarian capitalism: strong property rights, rule of law, and individual liberty.

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Whichever are the ones mentioned in the article:

“Since 2019, we’ve made a number of big bets across the company … Some of the significant investments we’ve made aren’t paying off the way we expected them to.