Potential Alternatives to the Capitalist System

Like all developing and emerging economies before them, they will eventually begin to regulate their environment.

Those are nothing short of variations on Socialism and Communism.

 

Why should we believe anything you say, when you propound obviously false statements?

 

Hopefully. Over 30 years into embracing capitalism they are polluting more than ever. They also have less than 15 years before they run out of water.

I was responding to a poster who claimed that there were only two types of economic systems (capitalism & socialism). I was just letting the poster know about another type, the mixed/hybrid economies.

 

I understand you have no idea what you are talking about.

 

if so please name the other economic systems besides capitalism and socialism?

 

DarkSkies gave a partial list (and Mircea's baseless dismissal thereof cuts no ice).

But the problem is a logical one, not a mere matter of nomenclature. Socialism is defined as collective ownership of the means of production (capital and land), capitalism as private ownership thereof. So a geoist system where capital is privately owned and land is owned (or administered in trust) by the community is neither capitalist nor socialist. In theory, you could also have a system where capital was collectively owned and land privately owned; but it's never been tried (not even close, AFAIK), and I don't see how that would work in practice, so there is no name for it yet.

 

so????? we have a mixed economy now!!! Econ 101!!!! OMG!!!

 

Certainly. And...?

 

Our economy is mixed with elements of capitalism and socialism now much like if business was private and land was public. Best of course is pure capitalism as East/West Germany demonstrated perfectly.

 

Most famous book on this is called is called The Gift. It equates capitalism with gift giving.

 

yes but only two have emerged from the rubble of human history: capitalism and socialism making the others irrelevant!!

 

Land is private in capitalist economies. That is what has caused most of their financial crises -- probably including the next one.

Do you actually think W Germany was pure capitalist???

ROTFLMAO!!!1!1!

 

Financial crisis was caused by liberal govt, specifically 132 programs to get people into homes the free market said they could not afford plus Fed creating money to buy the homes and Fan /Fred buying all the mortgages so banks had no risk. Way over a liberals head I know, but what can I do about it?

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of course not but it was very market oriented while West Germany was very lib govt oriented. Now do you understand?

 

The free market said no such thing.

The commercial banks were creating the money, not the Fed.

Your ignorance of monetary economics appears to be comprehensive.

No risk? Is that why they all either failed or had to be bailed out?

Your ignorance of monetary economics appears to be comprehensive.

Try learning a few facts about the subject before shooting your mouth off.

I understand you know nothing of the subject, and are eagerly sharing that wisdom with the world.

 

obviously it did which is obviously why the liberal govt created 132 programs to help people buy homes!!!

 

dear, the Fed was created to be the creator money. Thats why it exists!!! OMG!!!!. Commercial banks are controlled by Fed. The entire world is now waiting to see if the Fed will create more or less money in June!! Do you understand?????

 

Blatant non sequitur. It was only an unfree market which made them unable to afford those homes.

 

of course it turned out there was risk in the end but the bubble was built on a continuous stream of new mortgages that the banks created and then sold off to avoid the risk!!. Now do you understand??

 

No, it was not. Read, "Modern Money Mechanics," published by the Fed.

Wrong. It exists to REGULATE the creation of money by private commercial banks.

Their money creation is regulated by the Fed -- specifically, its interest rate targets. Not controlled.

I understand you know nothing of the subject.

 

West Germany was very market oriented while East Germany was very lib govt oriented. Now do you understand?

Being anti-science and anti-thinking a liberal will look at East/West Germany and want to be like East Germany.

 

What???

There are plenty of representatives for at least four types of economies. None of which are in the dustbin of history.

1. Capitalism

2. Communism (since it's still practiced)

3. Mixed Economies (many listed in the wiki list I shared)

4. Traditional Economies

5. No Property (willing to admit is debatable)​

 

Dennis Tate posted this interesting history:
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<<<<<<<City in Austria Printed Local Currency:

Worgl, like many other European towns and cities, was hit hard by the Great Depression. There was mass unemployment; four of the five local factories had closed, and the people were starving in the streets. Nobody had any money to buy anything. One of the features of an economic depression is that there is not enough money in circulation to ensure that people can meet their basic needs, and in the 1930s, the shortage of currency in many countries of the world became catastrophic.

The mayor of Worgl, together with local businessmen, decided to try to break this economic impasse by creating their own local currency. They printed and issued 60,000 Austrian shillings worth of local currency. These shillings could only be spent in Worgl, so they remained in the local community and were exchanged over and over again.

The positive impact was immediate and surprising to everyone. In only six weeks, unemployment disappeared, all the factories had reopened and everyone had food. For the inhabitants of Worgl, the economic depression was gone. This dramatic transformation became known as the “miracle of Worgl.” Surrounding towns, inspired by the success of Worgl, immediately started printing their own local currencies.

Sadly, the miracle did not last long. When the Austrian Central Bank heard about Worgl’s local currency, they initiated legal proceedings against the mayor and local businessmen. According to Austrian banking law, it was illegal for anyone except the Austrian Central Bank to issue money. The bank won the court case, and the mayor was ordered to shut down the local currency, which he did, under threat of imprisonment. The town then returned to the devastating economic depression of the 1930s, with all the human pain and suffering associated with this catastrophe. Factories closed, and once again, the people starved.

Alternative Currency in the U.S.

Irving Fisher, an American professor of economics at Yale University, visited Worgl before the local currency was suppressed and witnessed the ‘miracle’ firsthand. When he returned to the United States, Fisher spread the word by traveling and lecturing across the country, advocating the use of the Worgl ‘scrip’ everywhere. Inspired by his vision, hundreds of communities began issuing their own currency, and by 1934 there were over 1,000 local communities using ‘scrip’ throughout the U.S.

Every one of these communities experienced a tremendous rejuvenation of their local economies. They thrived while others suffered. Fisher then met with President Franklin D. Roosevelt, proposing the implementation of government-sanctioned local ‘scrip’ in every community in America. When FDR consulted with his top financial advisors and bankers, however, he was advised to shut all the ‘scrip’ systems down, which he did. Instead, he borrowed large amounts of money from bankers, at interest, and used it to pay for the Reconstruction Finance Corporation and the other work-creation projects, which collectively came to be known as the ‘New Deal.’ So ended the last widespread use of a local currency within the U.S.>>>>>>>

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Economist J.M. Keynes presented a scheme for a new post-war global financial system, at the famous Bretton Woods conference in 1944. His scheme promoted poverty reduction and economic development in all nations regardless of their current resources; and enabled mutually beneficial trade between deficit and surplus nations, through a "clearing union" concept.

The Americans at the time rejected Keynes' ideas in favour of a much less interventionist IMF. Why? Perhaps the world was not ready, with the 'cold war' between the US and USSR about to emerge.

However, more than ever - with 'communism' defeated (even China is now 'capitalist') - we need to revisit Keynes' ideas. Yesterday I witnessed Sarah Palin on TV gleefully shouting, during a campaign in support of Trump: "we will take control of trade again, which means: WE WIN - YOU LOSE" (ie, the rest of the world loses. Wow! What a woman! Ineffable style!....pathetic).

Note: apparently Trump has been ridiculed recently for mentioning money printing as a way to deal with a burgeoning US debt, but he might have been onto something.

For the first time in history, supply (goods and services, aided by automation and robotics), can just about exceed demand (money), if this is intelligently managed, eg controlled money printing managed by an IMF, to avoid currency wars and inflation, for specific much-needed public sector services. In effect we can have a system that combines both capitalism and socialism, thereby ending once and for all the current sterile, left-right political and economics debates.

Then there will remain few excuses for not ensuring that everyone on the planet can participate in the economy, at a living wage.
(Sustainable, abundant, non-polluting energy remains to be achieved, but this is on the horizon, and will clinch the deal for permament global poverty eradication).

 

China just switched to capitalism and eradicated 40% of the planets poverty. Liberals stand in the way of capitalism and thus stand for more and more poverty.

 

It would be nice to eliminate the waste involved in the capitalist system, though I don't know if its especially more or less than in a socialist system.

I'm hoping our new robot overlords figure out a new way to get everything done more efficiently, but I'll most likely be dead and gone by then.

 

How can there be waste in capitalism??? The idea is not to waste anything so you can make more and more money. Any waste is money lost. Do you understand?