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Interesting trivia (learned via @chezcorbay): the term capitalism was actually first coined by Marx as a critique of government-by-owning-classes, not as a consciously designed economic model. For example, Adam Smith does not use the term anywhere in The Wealth of Nations.
When you look closely at any given part of our broken economic systems (in my case, land, planning, construction and digital platforms, but I’m guessing true of other areas too?), you realise:
1. Pretty much all systems contain competition, collaboration and cooperation etc whether you like it or not. And they all have value. It’s not either / or.
So it’s about which incentives we want and which we don’t.
So it’s about which incentives we want and which we don’t.
2. There is a world (
) of difference between ownership rights that confer rights to exploit and extract £ ad infinitum and ownership rights that confer rights of use and responsibilities of stewardship.
) of difference between ownership rights that confer rights to exploit and extract £ ad infinitum and ownership rights that confer rights of use and responsibilities of stewardship.
3. There is a world of difference between free & fair markets that are well regulated by the state, and rentier monopolies that are protected by the state.
4. There is a world of difference between centralised vs distributed systems / markets / ownership.
5. There is a world of difference between the behaviour of companies that have external shareholders expecting unlimited profitable exits / dividends and companies that.. don’t. Even family-owned companies behave quite differently.
