Five myths about capitalism

[Chris]

I know that's what the textbook says. Textbook capitalism must be fantastic.

I already did. Appalachia where families live in the disease of poorly regulated coal mining and burning who suffer poverty and sickness because of it. African diamond mines, sweatshops making that neat swish on your shoes... I can rack this up a bit but you should get the picture.

Nope, both are joined at the hip, like it or not regardless of what the textbook says.

Appalachia where families live in the disease of poorly regulated coal mining and burning who suffer poverty and sickness because of it. African diamond mines, sweatshops making that neat swish on your shoes... I can rack this up a bit but you should get the picture.

That is capitalism? How? It seems to me you're picking out bad things in this world and arbitrarily associating capitalism with it.

[Chris]

Before we go further, if we look at coal mining under socialism, we see the same deplorable conditions: Coal, Communism and Borders: Professor Glassheim on the Czech City of Most, Soviet Miners Strike, Seek to End Communist Rule.


Such conditions are, therefore, not because of either capitalism or socialism but something else.

[Dr. Who]

While increased GDP is responsible for the overall wealth of nations, decreases in abject poverty levels over the years can be attributed to education, welfare/productive asset transfer, health education and services, skills training and savings programs. Migration from the poorest rural areas to wealthier urban areas is also contributing to the change in demographics. https://ourworldindata.org/extreme-poverty

I would also add that the availability (distribution) of birth control among the poor in more recent years is contributing to a decline in the numbers of the poorest people.

[Chris]

While increased GDP is responsible for the overall wealth of nations, decreases in abject poverty levels over the years can be attributed to education, welfare/productive asset transfer, health education and services, skills training and savings programs. Migration from the poorest rural areas to wealthier urban areas is also contributing to the change in demographics. https://ourworldindata.org/extreme-poverty

I would also add that the availability (distribution) of birth control among the poor in more recent years is contributing to a decline in the numbers of the poorest people.

"education, welfare/productive asset transfer, health education and services, skills training and savings programs" paid for by socialism? No, capitalism. Even socialist Robert B. Reich makes that clear: The Answer Isn’t Socialism; It’s Capitalism that Better Spreads the Benefits of the Productivity Revolution.

Venezuela is what happens under socialism.

[Dr. Who]

"education, welfare/productive asset transfer, health education and services, skills training and savings programs" paid for by socialism? No, capitalism. Even socialist Robert B. Reich makes that clear: The Answer Isn’t Socialism; It’s Capitalism that Better Spreads the Benefits of the Productivity Revolution.

Venezuela is what happens under socialism.

You used the word socialism, not me. I simply referenced the conclusions in the linked article as to the specific factors that have both led to a decrease in poverty and conversely the growth of economic success.

[Chris]

You used the word socialism, not me. I simply referenced the conclusions in the linked article as to the specific factors that have both led to a decrease in poverty and conversely the growth of economic success.

And I simply pointed out, what you choose to ignore, that it was capitalism that provided the funding for each of "education, welfare/productive asset transfer, health education and services, skills training and savings programs."

What other economic system exists or is advocated but socialism? Mecantilism? Barter? Theft?

[Captain Obvious]

That is capitalism? How? It seems to me you're picking out bad things in this world and arbitrarily associating capitalism with it.

There is nothing arbitrary, vague or unclear about my points.

[Chris]

Here, specifically addressing education, an article on why child labor declined because of increasing wealth, Misconceptions of Child Labor Laws:

During this time, the United States was going through a second industrial revolution. Innovation and new technology led to a rapid increase in wealth and standard of living. Children of wealthy parents went to school rather than work for the same reason as children in the present day: because their families could afford it. As the standard of living continued to rise prior to the depression, a greater number of families could afford to raise children without putting them to work. This is likely the reason why social pressure for a child labor ban appeared. Families that rely on income from their child’s job will not campaign for a child labor ban.

[Captain Obvious]

Before we go further, if we look at coal mining under socialism, we see the same deplorable conditions: Coal, Communism and Borders: Professor Glassheim on the Czech City of Most, Soviet Miners Strike, Seek to End Communist Rule.


Such conditions are, therefore, not because of either capitalism or socialism but something else.

You're familiar with Consol Energy, right? Who do you think owns/operates it?

Three guesses - a) Communists, b) Capitalists or c) Pee Wee Herman?

I disagree with your assumption, I think both are caused by both - and funny you mention that, recall my comparison of capitalism to socialism or whatever where the one main, common thread is that in all systems there is always a minority control of wealth and power and a majority support/paying for the system.

And that some conditions with capitalism are just less sucky than conditions under socialism or whatever doesn't make capitalism optimal, just less sucky.

[Chris]

You're familiar with Consol Energy, right? Who do you think owns/operates it?

Three guesses - a) Communists, b) Capitalists or c) Pee Wee Herman?

I disagree with your assumption, I think both are caused by both - and funny you mention that, recall my comparison of capitalism to socialism or whatever where the one main, common thread is that in all systems there is always a minority control of wealth and power and a majority support/paying for the system.

And that some conditions with capitalism are just less sucky than conditions under socialism or whatever doesn't make capitalism optimal, just less sucky.

As I have shown, the same miserable conditions for coal miners existed under all economic systems. It cannot, therefore, be attributed to economic system. It is some other factor external to that, to politics, to how the powerful and the wealthy, in any system, collude to screw over the working man. That's deplorable, but not the fault of any economic system.


No one has claimed that capiltaism is perfect or optimal.