: : The most problematic contradiction of capitalism is: production for short term profit comes way before production for human need. What happens? a lot of useless things get produced, a lot of over-production occurs while there still exists 1.2 billion people or 23% of the world that live in absolute poverty.These billions of unemployed people don't live in Capitalist countries. If they did, you can bet that more would be working. (Here in the USA, we have an unemployment rate of about 5%. It seldom gets worse than 12%)
At least under capitalism, when overproduction occurs, we can lower prices and get the goods out to the people. But a regulated Socialist system just chokes on it's mistakes.
: Absolutely right. Another thing that really frustrates me is the number of false markets and built in obselesence. You've all heard the one about the light bulb that could last forever which the light bulb companies don't want to see released onto the market. The same applies for the non-rechargeable battery charger and the water powered car. Capitalism IS guilty of supressing technology for profit.
*** The light bulb you mentioned is currently being sold by General Electric. (They have a cute television commercial with an 8-year old kid who had lived his whole life without ever seeing a lightbulb changed).
*** Rechargeable batteries are on sale everywhere in the US. Many consumers find them inconvient and expensive, so they choose not to buy them.
*** If there is a water-powered car, I'd like to hear more about it. Seriously.
The truth is that some inventions *do* get supressed. But this happens when corporations lobby the State to lock out competition through regulation. If we *reduced* the power of the State, they wouldn't be able to do this.
: And then there's the huge gulf between what society needs and what rich people want. Capitalism gives generously to the latter and couldn't give a monkey's about the former.
*** This is one of the biggest problems Capitalism faces. One way to solve it might be to impose moderately higher taxes on rich people and use the money to provide services for poor people. But I'd much rather modify Capitalism than try to turn the whole world Socialist!
- nat
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