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I couldn't agree more - what we see is a deep embarrassment. No one needs to starve or be homeless. But I have a small bone to pick.
gemini://idiomdrottning.org/free-market-embarrassment
Capitalism IS NOT Free Market!
There is no such thing as Free Market Capitalism!
Capitalism - as distinguished by its suffix -ISM, is a system in which CAPITAL is given preference to everything else. Right there it's a hint that it is not 'free market' anything. Money talks.
Consider socialism - a system in which the well-being of individuals is given preference. I am not talking about fake socialism - like USSR. Even the so-called socialism in some of the more enlightened European countries - that is just a band-aid on top of highly capitalistic economic system.
But even in a socialist-leaning country you are likely to get some kind basic social needs covered - be it medical, housing or financial if you are in trouble. In a capitalist country you are likely to get squat, while a large corporation that basically warehouses people will get billions from the government.
It is very simple. -ISM. CAPITAL. CAPITAL-ISM...
Have you seen a free market? Certainly not in the US of A. Not in Europe. Oddly enough, China is perhaps closer to a free market in some areas, and I will elaborate.
Some years ago a friend of mine, who spent most of his life being a 'rep' and a 'dealer' of high-end equipment, was between gigs and went to China, to that trade show that is 3 miles long. He came across a product he liked, and started negotiating with the factory rep. He was amazed to find out that he did not need permission to get a 'territory', or commit to required minimum purchases or inventories. He did not need to negotiate MSRPs, union, anti-trust regulations, price floors or any of that. People gathered around him and had a good laugh. They said - buy as much as you want, sell for whatever you want, anywhere you want. We are a factory! You are a customer!
How can you have a free market in a highly regulated country full of tariffs, taxes, and monopolies enforced by men with guns? Look at patents, trademarks and copyrights, KYC compliance and financial restrictions. It's a joke!
More imporantly, you cannot have a free market in an environment where money is real. Our money is not real - as illustrated by trillions of dollars arbitrarily injected in the past few years. Prices are going up? Oh, it's evil landlords and manufacturers, they need to be regulated. Idiots!
Capitalism is the enemy of free markets. Why? Because in a free market environment, hoarding capital is nearly impossible. Large corporations are impossible (they exist only because Capitalist governments fund them). Free markets are inflation-proof and consumers are guaranteed lowest prices due to real competition, not the bullshit kind between Coke and Pepsi, which is just for show.
In a Capitalist system real money is made -- you guessed it -- in the so-called, fake "capital markets" -- be it by going public to raise more money than the company will ever make, or borrowing orders of magnitude more money than the company will ever earn. The best way of course is to attach yourself to the money-printing machine in some way, be it in the form of bonds, government guaranteed loans, or by direct suction on the state nipple.
We established that capitalism is a corrupt and awful system. But are we in a Capitalist system?
I think we have entered a post-capitalist stage, which may be labeled as early Fascism, known as Dirigisme.
https://en.wikipedia.org/wiki/Dirigisme
Dirigisme is the polar opposite of free markets. Let's see if we can recognize some signs.
"Dirigiste policies often include indicative planning, state-directed investment, and the use of market instruments (taxes and subsidies) to incentivize market entities to fulfill state economic objectives." Check.
"As an economic doctrine, dirigisme is the opposite of laissez-faire, stressing a positive role for state intervention in curbing productive inefficiencies and market failures. " Check.
Note that 'doing business with the government' is where the big bucks are. And as a small business you can't even do business with the government. Heck, you can't even do business with large corporations! These are now as big as governments, and they can't even see you, a gnat buzzing around!
This is how fascist governments operate. A tight integration of the state and large corporations.
Well, I'd love to live in a place where I could just write code and babble on Gemini and have all my needs taken care of by some benevolent entity, but that is not likely.
Until then, we need to do something productive and get paid for it. What is productive? How much should we get paid?
In a free market, the market decides. If you are doing something useful, you will be paid for that. If it is so incredibly wonderful, you will get paid a lot. Others will notice and do that too, and you will be paid less. Eventually, you will be paid just enough to not do something else.
The end result is that no one 'gets rich', but everyone gets enough. You get paid enough. Products cost as little as they can while producers get paid enough to live their life. A balance is achieved.
Add capitalism, regulations, monopolies, and government interference. Now someone is making billions, while others live in the street. Construction companies are building office buildings when not needed, while rents are going through the roof because all rental units are Air-BNB'd to business travelers on 'corporate business'. Misallocation of capital is a true mark of capitalism.
So next time you have a bone to pick with capitalism, a vile and horrible system, please blame capitalism. Free Markets are actually not a bad thing. Of course, no one has ever seen a free market yet.