alt Hacker NewsDepends what you compare it with. I grew up in the post soviet union. That system allocated resources to various monopolies who were too big to fail. Turns out allocating capital based on who can make things that people want/need to buy, and do it with a profit, multiplies said capital way faster. From this point of view, over time your initial base grows into all kinds of industries etc. That's probably why the USA won the cold war.
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A bad system is still bad even if something else is worse.
> That system allocated resources to various monopolies who were too big to fail.
Like our banks today? Like OpenAI is trying to sell themselves as so the US government bails them out when they inevitably can't pay off their debts? Like all the other monopolies that are too big to fail?
I can't see the difference.
> turns out allocating capital based on who can make things that people want/need to buy, and do it with a profit, multiplies said capital way faster.
That assumes the stock market does that. It simply doesn't and history is proof. It's also a fact that free market capitalism has consistently done worse than before based on actual numbers.
I highly suggest you read 23 things they don't tell you about capitalism. It goes into a lot more detail and helps you understand things in a broader perspective.
If we want to improve our world we need to move past the faults of the current capitalist system and the soviet union. We need better incentives. Profit has proven to be too disconnected from actual value.
[1]: https://en.wikipedia.org/wiki/23_Things_They_Don%27t_Tell_Yo...
I'd argue the Cold War isn't over and the US is losing it right now with how their president grovels before the Russian one
Until your economy congeals into various monopolies who are too big to fail, and you lose the rematch because you're so busy counting beans you stop paying attention.