Really? Show me one alternative economic system that has produced a higher standard of living over the long run than capitalism.
Taking over control of a government as a dictator and using it like a wallet has always outperformed capitalism 😂
Your response:
Really? Show me one alternative economic system that has produced a higher standard of living over the long run than capitalism.I don't think you understand the concept of "creative destruction". The idea is that centralized control tends to be conservative, to prevent innovation and change. The stakeholders in the status quo can use their entrenched positions to leverage government power against innovations that threaten their regulated monopolies. Up until 1982 you could not buy a telephone handset for an extension line, you had to buy them from Ma Bell. It was illegal for non-Bell companies (MCI) to transmit microwave communications for third parties, only Bell was legally allowed to do so. No one could be a "common carrier" except Bell.
If the government regulates what content internet companies can carry, what they can charge and what level of service they provide, they are no longer in the business of serving customers, they are in the business of serving the government, and will focus attention on pleasing politicians rather than customers.
“Creative Destruction” is a vital and necessary aspect of Capitalism. Buggy whip factories needed to be destroyed. So did rotary telephone makers. The typewriter repairman has seen his trade wiped out. Thank God!
Do you understand what is being said? Creative destruction is a necessary and valuable component of Capitialism. That’s what capitalism is the freedom to succeed and fail. The freedom to start a new business that destroys existing business. It allows businesses to fail even if it means wealth is destroyed and jobs are lost.