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Rethinking Capitalism, Part 5
Examining some of the premises of capitalism, and how they have not been lived up to.
In this piece, continuing to lay out my case for a Universal Basic Income, I’m going to look at some of the common foundational tenets of free-market capitalism.
I’m then going to grind them to powder, because there’s no such thing as free-market capitalism. Never has been, and probably never will be. The Will To Power is too strong for those who get near the top. They will inevitably find ways to rig the system if it’s riggable, and it always is. What we have in The United States of America doesn’t even resemble Adam Smith’s invisible hand, nor Von Mises’ more nuanced approach. It is regulatory capitalism, and it is predatory at every level.
Having said that, let’s look at some of the basic ideation that capitalist thinkers have posited over the last few centuries.
- Capital investment will tend to serve the needs of the market.
This one has not worked out well at all. Capital investment has become captured in certain markets, and then in all markets, serving only it’s own interests. Prices do not reflect negotiation nor the common wage, and have not in most of my life time.
2. Absent regulation, competition will tend to break up monopolies over time.
