Why Modern Capitalism is a Farce

Evolving toward the drop
Evolving toward the drop

It’s evolution baby!

A Futurology Comment from Reddit that cuts through the, well, you know…:

“This isn’t really the place for this debate, but since it’s on: No, capitalism doesn’t embrace corruption, unless your definition of capitalism is a cocoon-like intermediary economic stage preceding corporate plutocracy.

The problem that undermines the theory of capitalism is that it assumes everyone plays fair and competes through the same small array of market forces (product quality, price, etc). But if you have resources, you don’t need the best product or whatever. You just need to leverage your influence through market forces (buyouts, takeovers, etc), your near-absolute control of advertising and branding (there are about 5 major media corporations today, all of which have subsidiaries in basically every industry), and, when feasible, control of extra-market forces (regulatory capture and other more dramatic forms of government intervention).

Stupid socialist country raising poor rich people's taxes

Stupid socialist country raising poor rich people’s taxes

 

And that’s the great myth of capitalism: That some sort of magical market force continually topples the inefficient and replaces it with a newer, more efficient alternative. That’s not what actually happens. What actually happens is that the most powerful cheat, and simply get bigger and bigger, and the scope of their influence increases. Look at the list of world’s most powerful companies:

List of largest companies by revenue

Not a whole lot of new players on that board. The internet, basically mankind’s greatest technological achievement, has added a few new players, but the old guard is still there (sometimes rebranded), but bigger, and with more influence.

This has a number of problematic effects. Critical collective Resources, like clean air, water, CO2 levels, are generally ignored, since they aren’t immediately profitable to anyone. Governments do the bidding of corporate powers, by hamstringing their competition (e.g. the alternative fuel industries, electric cars, etc) or by wholesale committing horrific acts of violence for them (e.g. Banana Wars). Eventually, the line between corporate and governance becomes so thin that it’s indistinguishable, at which point society is ruled by a handful of profit-driven conglomerates. If that isn’t corruption, I don’t know what is.”