Metafilter Slut
From http://www.metafilter.com/84838/Capitalism-Is-Evil#2729857, discussing Michael Moore's upcoming movie.
http://www.metafilter.com/84838/Capitalism-Is-Evil#2730001
The "modern capitalist system" hardly seems capitalist to me. I thought the idea behind capitalism going back to Adam Smith was that competition was supposed to drive profits to zero. I see capitalism at work in grocery stores and gas stations, but when large banks, oil companies, and health insurance companies keep posting record-shattering profits and making it rain with bonus money, that seems more like a kleptocracy, or at the least an oligopoly.
Why aren't people who style themselves as "defenders of free market capitalism" calling for increased competition, by breaking up the handful of powerful entities that dominate this markets and shut out smaller competitors? I don't understand what people are thinking when they promote "capitalism" and defend anti-capitalist corporations in the same breath.
posted by heathkit at 4:00 PM on September 7 [20 favorites]
http://www.metafilter.com/84838/Capitalism-Is-Evil#2730019
healthkit, you've struck the heart of the matter. The modern capitalist system that Moore is criticizing is so far from ideal capitalism, it would be funny if it wasn't so tragic. Pick an industry and try to laugh at how replete it is with kleptocracy, oligarchy, and regulatory capture:
-Telecommunications
-Pharmaceuticals/healthcare
-Petroleum
-Military-industrial
-Banking/finance
-etc, etc.
None of these sectors function in a competitive, capitalist manner. Instead they use significant portions of their profits to exert massive amounts of pressure on democratic systems and as a result, have near-total control over them. What systems we have attempted to implement to regulate these industries have been eroded to the point where they are at best ineffective, and at worst malicious. These companies typically don't have to engage in anything even resembling competition, maintaining massive and artificial profit margins. Their rights to monopolies are even enshrined in laws such as copyright extensions, patents, the DMCA, etcetera.
Capitalism in this particular manifestation is certainly evil, because it is actively anti-democratic, as its continued survival depends on undermining democratic rule. What % of total US GDP do you think the above sectors control? Hint: it's most of it.
posted by mek at 4:10 PM on September 7 [28 favorites]
http://www.metafilter.com/84838/Capitalism-Is-Evil#2730001
The "modern capitalist system" hardly seems capitalist to me. I thought the idea behind capitalism going back to Adam Smith was that competition was supposed to drive profits to zero. I see capitalism at work in grocery stores and gas stations, but when large banks, oil companies, and health insurance companies keep posting record-shattering profits and making it rain with bonus money, that seems more like a kleptocracy, or at the least an oligopoly.
Why aren't people who style themselves as "defenders of free market capitalism" calling for increased competition, by breaking up the handful of powerful entities that dominate this markets and shut out smaller competitors? I don't understand what people are thinking when they promote "capitalism" and defend anti-capitalist corporations in the same breath.
posted by heathkit at 4:00 PM on September 7 [20 favorites]
http://www.metafilter.com/84838/Capitalism-Is-Evil#2730019
healthkit, you've struck the heart of the matter. The modern capitalist system that Moore is criticizing is so far from ideal capitalism, it would be funny if it wasn't so tragic. Pick an industry and try to laugh at how replete it is with kleptocracy, oligarchy, and regulatory capture:
-Telecommunications
-Pharmaceuticals/healthcare
-Petroleum
-Military-industrial
-Banking/finance
-etc, etc.
None of these sectors function in a competitive, capitalist manner. Instead they use significant portions of their profits to exert massive amounts of pressure on democratic systems and as a result, have near-total control over them. What systems we have attempted to implement to regulate these industries have been eroded to the point where they are at best ineffective, and at worst malicious. These companies typically don't have to engage in anything even resembling competition, maintaining massive and artificial profit margins. Their rights to monopolies are even enshrined in laws such as copyright extensions, patents, the DMCA, etcetera.
Capitalism in this particular manifestation is certainly evil, because it is actively anti-democratic, as its continued survival depends on undermining democratic rule. What % of total US GDP do you think the above sectors control? Hint: it's most of it.
posted by mek at 4:10 PM on September 7 [28 favorites]