We all know the famous debate between these fundamental ideas, and personally I would call myself a secular progressive, but I honestly want to hear arguments for capitalism in the modern age. Most people I talk with cite Adam Smith or early 19th century thinkers.
I suppose my main argument for socialism would be that we are social animals in a colony like setting, so the health of all individuals is directly related to health of all individuals, so competition would be negative in the scenario, and I can point out the power of community, and even almost somewhat communist mentality with the concept of open source software and code. Linux is, in my opinion, the best operating system, and it was created in it's entirety from people wanting to make a decent open source OS.
I can, however, think of markets in which greed can be useful. Many entertainers would not be able to produce the works they do without such funds. Many movies have a hefty budget, but at the same time there are artists that enjoy giving their work away from free for people to enjoy it.
Perhaps more of you out there can bring in more arguments for capitalism/profit motive/self interest.
Which is really more effective in the modern era when it comes to the debate between self interest and Marxism?
August 15, 2009 | In Business & Economics
Discuss
Luke Allen on August 15, 2009, 12:58 AM
Seriously? You still think we are capable of being “social animals” with all socialistic societies failing economically so miserably?
The problem with trying to make everything and everyone equal is all have different standards and desires. I could have more material things if I wanted to work more but I work as little as possible to feed my children and give my kids the gift of time. However, if another father feels differently God bless him and his decision. In America we can still choose our desires and work towards those aims. Socialism ends that.
One needs to understand not even Marx liked what most people proclaimed Marxism was as most know one of his most famous quotes is “I’m not a Marxist.” When he heard how his ideas were being abused. If the rich elite still had the atrocities that occurred during Marx time period (ie chimney sweepers, child labor etc etc.) Then his predictions would’ve became reality and the majority would’ve taken the minority resources, however, he didn’t factor capitalism could change adapt and become somewhat socialist while remaining independent of government rations and forced quota’s.
Neither extreme is completely correct or accurate and every factor needs to be inputted in determining the best possible system for an individual; as well as an individual country and, eventually, how we want to govern the world. The continued debate on this topic should leave this to be something that won’t be settled in my life time and I’m only 29 :>
Richard Oakes on August 29, 2009, 12:58 PM
The free market works well in certain conditions.
1. Zero product differenciation
2. All market participants are have equal access to pricing information
3. All market participants will operation in their own interests
Mmmm… There are a few more structural assumptions that I learned in Economics 101, but plainly I didn’t learn them very well.
From this small sample, you can start to see problems with free market capitalism.
That said, command economies tend to concentrate economic power, and such concentrations of power lead to corruption and inefficiency.
In a mixed economy, we get the best and worst of both worlds, and that is the best outcome that we can expect.
RO
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