Comment Building wealth (Score 1, Insightful) 74
We live in a capitalistic society that builds wealth.
Historically, hand-loom weavers complained when automatic looms were first introduced in the late 1700's, and ultimately they all lost their jobs.
...but at the same time, the cost of clothing and cloth in general came way down, making high quality clothing affordable to many, many more people. And the relative low cost of cloth gave rise to new uses, such as tarps and tents.
That's what building wealth is about: putting something in place that can reduce the cost and/or effort for future generations.
The fact that some people were put out of a job isn't a flaw, it's a feature. Making things more affordable and available raises the standard of living for everyone.
If you want to help the poor, if you want to solve some of society's problems, then that's a fine conversation to have. And I'm on board with it, I'll happily support your efforts... so long as your proposed solution doesn't involve changing capitalism.
If you want to help society, it has to come from a different place. UBI might work, government assistance is well intentioned but inefficient, communism is a complete disaster. An indexed wealth fund of $2 million would give out a dividend of $50,000 each year in perpetuity by gaining more value than inflation plus the disbursements, so maybe we should start setting up individual wealth funds for selected people, single mothers and doctorate students, perhaps. Start small and start taking people out of the workforce, and salaries should rise.
Other ideas are also welcome.
The idea that "workers and communities become afterthoughts" was well explored and described by Karl Marx himself in the middle of the 1800s, we don't need a Harvard Professor to remind us. Marx's mistake was to blame capitalism for the problem, we know that doesn't work.
We need new ideas and new institutions, but don't change capitalism.
Capitalism didn't cause any of it.