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January 24, 2013

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Alexander Peschkoff

The Oxford Dictionary defines "capitalism" as "an economic and political system in which a country’s trade and industry are controlled by private owners for profit, rather than by the state".

Which ones of those do you see as irrelevant, Chris - profit, private or state?

We all know who funds, for example, "democratic" elections. So, capitalism in that sense is dead from the point of view that "private owners" control (and always did...) the state too.

Chris Skinner

The Oxford Dictionary's definition is correct for 20th century world but needs updating: "a social, economic and political system in which a country’s trade and industry are controlled by private owners for profit, rather than by the state, but with transparency due to changes prompted by technology, and particularly social media".

The latter means that irrational greed is curbed by social pressure of the 99%, which is the change I am expounding here.

Big Caper

It's like all things human. Eventually, it needs a reset and we start the cycle all over again. Each century in history shows us the same thing with the reactions varying between violence and discontent.

C Barry

It is the creeping in of socialism that will eventually disrupt equilibrium in the Capitalist economies. Social pressures are never applied equally - so those that profit more than others either through innovation, ingenuity, or cunning, will be penalized on separate scales. This will upset the balance in supply / demand / output / pricing etc...thereby bringing the entire system down to a lower level of performance over time.

KieranJSheedy

There is no such thing as Free Market Capitalism, and pretty much never has been. The state has regulated and provided the physical and legal infrastructure that Capitalism requires to exist. Remember Obama's campaign comment that no-one actually built a business on their own?
Only the balance of influence between the public and the private changes. That pendelum will keep swinging, and that is a good thing.

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