Class Warfare Blog

April 11, 2019

Is Capitalism Given Too Much Credit?

Filed under: Economics,History — Steve Ruis @ 8:27 am
Tags: , , ,

Over at Ian Welsh’s website, Mr. Welsh has posted yet another brilliant takedown of our common knowledge/wisdom, aka “everybody knows.” he points out that many of the benefits claimed for capitalism were actually a result of industrialization, something that allowed the nascent Soviet Union to outgrow most other countries for quite some time.

Don’t Confuse Capitalism with Industrialization

Here’s a taste:

“We need to stop being nodes in a shitty resource allocation algorithm, and we need to start actually making sane decisions based on group autonomy and welfare.

“And capitalism, capitalism doesn’t do that.”

A very important perspective.

This is typical of what people do. If they like something they attribute positive properties to it whether or not they are possessed by that thing. I recall a teaching colleague who regularly received high marks for her sense of humor in her mathematics classroom. She points this out because she used no humor whatsoever in her teaching. But she was a very good teacher and was also kind and understanding as the teacher of a topic some find quite difficult, so she received high marks for everything surveyed.

Have we done the same for capitalism? I believe so. In addition to this normal tendency, there are people who have much to gain who propagandize the topic. These people often claim that “capitalism is the greatest economic system ever invented,” but if you query them on their knowledge of other economic systems, they are woefully ignorant. How can one claim A is better than B when they have no real idea what B is?

Read the piece, highly recommended . . . and it is short!

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3 Comments »

  1. If we had ever actually tried capitalism, it would quickly have converted to oligarchic capitalism as the successful capitalists used their wealth to manipulate the political and economic process.

    Liked by 2 people

    Comment by James Cross — April 11, 2019 @ 9:46 am | Reply

    • You mean like they are doing now … with all of the checks and balances we thought we needed? Yep!

      On Thu, Apr 11, 2019 at 9:46 AM Class Warfare Blog wrote:

      >

      Liked by 3 people

      Comment by Steve Ruis — April 11, 2019 @ 9:50 am | Reply

  2. Corporatism killed capitalisms decades ago. But James is also right: we’ve never actually had it, anyway.

    Liked by 1 person

    Comment by john zande — April 11, 2019 @ 2:28 pm | Reply


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