Don’t Be Scared About The End Of Capitalism—Be Excited To Build What Comes Next
This is one of the more disturbing articles I have read recently. The lack of economic understanding displayed in the article is stupefying. The most basic concept that they seem to misunderstand is that in capitalism, money is a measure of value.
"Capitalism ... relies on endless, indeed exponential GDP growth." GDP is a measure of the total value created by the economy, So somehow they seem to believe they can have increases in standard of living without GDP growth.
Other parts of the article are just plain wrong. "The system is doing little now to improve the lives of the majority of humans: by some estimates, 4.3 billion of us are living in poverty, and that number has risen significantly over the past few decades" The truth is the percentage of people living in poverty has continually declined over the last 200 years, from 94% to now less than 10%. [ See https://ourworldindata.org/extreme-po... ] Even the absolute number of people living in extreme poverty has dropped from its high in 1970. All this due to the benefits of capitalism.
"Capitalism ... relies on endless, indeed exponential GDP growth." GDP is a measure of the total value created by the economy, So somehow they seem to believe they can have increases in standard of living without GDP growth.
Other parts of the article are just plain wrong. "The system is doing little now to improve the lives of the majority of humans: by some estimates, 4.3 billion of us are living in poverty, and that number has risen significantly over the past few decades" The truth is the percentage of people living in poverty has continually declined over the last 200 years, from 94% to now less than 10%. [ See https://ourworldindata.org/extreme-po... ] Even the absolute number of people living in extreme poverty has dropped from its high in 1970. All this due to the benefits of capitalism.
