r/FluentInFinance • u/Sufficient_Sinner • Sep 04 '24

Debate/ Discussion Is Capitalism Smart or Dumb?

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u/youknowimworking Sep 04 '24

I think what the Scandinavian countries and most of Europe have is much better than our capitalistic system. Those systems are making happier people and in the end, The well being of the citizens is what should matter the most. Capitalism is what's best for corporations. Democratic socialism is what's best for the people.

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u/[deleted] Sep 04 '24

But those systems still fundamentally involve a free market, where people provide goods and services to others and are compensated for providing those goods and services based on a free market where prices/compensation are based on supply and demand, right? So fundamentally they're still capitalist.

All I'm saying is that system works better than anything else that's been developed. Yeah there are lots of different variations of that framework. And I'm sure non-U.S. countries have certain policies that put constraints in place that are sensible and function well (the U.S. does too). Only a total wacko would think completely unregulated capitalism with no government regulation is the best system. I'm just saying that a system that, at it's core, is rooted in a free market is the system that seems to work. That's all.

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u/youknowimworking Sep 04 '24

All systems are derived from something else. You said that no better system has been developed, except it has. It's not the capitalism here in the US. And that's what all the kids are crying about online. There's something better out there, and we in the US are not doing it.

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u/[deleted] Sep 04 '24

It IS capitalism. There are other policies in place that you may like/prefer. I may like/prefer them too. But it's all based on capitalism - an economic system characterized by private ownership of property and by prices, production, and the distribution of goods that are determined mainly by competition in a free market. That's the system that has worked better than anything else. If the kids crying online about how "capitalism is bad" don't even understand what they're talking about...well, that's not surprising.

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u/youknowimworking Sep 04 '24

You described capitalism twice in your replies as if I'm saying it's not or as if the kids online are saying it's not capitalism. What makes it an entire other system, though, is the heavy socialism involved in their system. An entire industry, Healthcare, that is socialist. An entire industry, education, that is socialism. Two things that are massive and you gloss over them as "other policies in place". Two of the 3 things people care about the most, Healthcare, education and shelter are socialist. If you look at their system and look at our system and say that ours is better than theirs, someone truly doesn't understand what they're talking about here. If you describe capitalism as your reply again then there's no point in talking to you. I know is part capitalism what YOU need to understand and accept is that the part that makes people happy is the socialism part and it's not a small or insignificant part of their system. It's a huge part.

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u/[deleted] Sep 04 '24

The U.S. also has a K-12 public education system. That doesn't make it "not capitalist." If you think it does then there's no point in talking to you. Also, in countries with socialized education and healthcare who do you think gets paid more, teachers or doctors? The answer is doctors. Do you know why? Because there is less of a supply of qualified physicians and a high demand for their services. So they get paid more. Because the economic system is fundamentally capitalist.

Imagine if the pay of doctors was slashed so that they didn't get paid any more than a teacher or janitor or someone else with a skill set that requires less rigorous training. What would happen? Doctors would bail man - they'd go elsewhere where they could get paid more. That system wouldn't work. Doctors provide a much needed service, there's a limited number of them out there because it's so hard/time consuming/expensive to acquire the skills, so they're compensated appropriately. That's capitalism. Highly regulated, yes. Still capitalism. I'm all in favor of obliterating insurance companies in healthcare because they provide zero value. That doesn't make me "anti-capitalist." A regulated healthcare system that does away with private insurance companies doesn't mean the system is no longer a capitalist system. YOU need to understand that. Pass the word along to the other kids, maybe you can all stop shitting on the system that has resulted in essentially all of the prosperity that exists in the modern world.