alt Hacker NewsTesla and similar companies really make me wonder if we still live in a capitalist system. If wealth is sufficiently concentrated - the value of anything becomes tied to the whims of the few who can transact at that level.
How a stock goes up while sales growth, profitability, and other measures go down on a multi-year trajectory defies my understanding.
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One of the things I’ve noticed is that when leftists say “capitalism” they often mean “the ability of capital to set the rules of markets” rather than just “markets”. This causes people who use the latter interpretation and leftists to talk past one another quite a bit. Which is one of the reasons that leftists have sounded this alarm bell for at least twenty years and no-one has paid attention.
Have you ever witnessed any other version of capitalism? Do you believe in the invisible hand of the free market? It's neither invisible nor free
> If wealth is sufficiently concentrated - the value of anything becomes tied to the whims of the few who can transact at that level.
You just described a capitalist system: a system built and controlled by and for those who control the capital.
> If wealth is sufficiently concentrated - the value of anything becomes tied to the whims of the few who can transact at that level.
Sounds like capitalism to me.