The flaws of capitalism

I recently read a bril­liant com­ment the sums up the essen­tial flaw of cap­i­tal­ism vs com­mu­nism (I edited out mis­takes and clar­i­fied the meaning):

The flaw of cap­i­tal­ism is greed & nar­cis­sism (cap­i­tal­ism rewards greed, as long as you are not caught). The fatal flaw of com­mu­nism is exactly the same (greedy peo­ple are still greedy but now they just play under dif­fer­ent rules). For as long as humans fail to address their own inher­ent per­son­al­ity dis­or­ders, any sys­tem will be vul­ner­a­ble to the machi­na­tions of clever / unscrupu­lous folks try­ing to get more for them­selves at the expense of oth­ers. That is why we see the exact same types of inequal­i­ties & ‘elites’ ruin both.”

It’s true that cap­i­tal­ism is risky and unfair (isn’t life sup­posed to be risky and unfair?), but the prob­lem with try­ing to fix these issues is that when peo­ple try, they more often than not end up mak­ing soci­ety even more inse­cure and unfair. That doesn’t mean that every pub­lic ven­ture is doomed to do more harm than good (for exam­ple roads and defense work great).

The cur­rent fail­ures of cap­i­tal­ism: monop­o­lies, debt, and grossly uneven dis­tri­b­u­tion of income result from the same peo­ple who take advan­tage of the cur­rent sys­tem as they would under any sys­tem. While no sys­tem is fool­proof, the best is no doubt a philo­soph­i­cal med­ley of left and right ideas (which is what we already have).

Some believe that cap­i­tal­ism is “doomed to destroy itself” out of prin­ci­ple but look how quickly other sys­tems destroy them­selves (com­mu­nism implodes rather quickly under bad lead­er­ship). As far as social poli­cies go, bet­ter to side with those that pri­or­i­tize free­dom than put faith in the good of bureau­crats (not that they are bad peo­ple, but there’s a rea­son we say that the road to hell is paved with good intentions).

p.s. for your enjoy­ment: ronald regan telling some funny jokes on ideology

About Michael Jiang

Just a regular bloke.