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TinyViolins · 31-35, M
Neither will lead to efficient solutions without a lot of help from the rule of law. It's an outdated dichotomy. No country is purely one or the other, and most modern nations infuse principles of both into their economic policy.
But hypothetically speaking, if we had to put all the chips on one over the other when building an economy, I would lean towards socialism.
The end goal for capitalism will always be profit, and as profits grow, markets will become more competitive, and competition drives companies towards morally questionable tactics in order to survive.
It's naturally prone to destructive behaviors. Whether that means exploiting workers to control expenses, exploiting resources to drive down costs, or manipulating the market to eliminate the competition, all of these solutions to the profit problem can and have hurt people and the environment before. It's why we have so much regulation
But hypothetically speaking, if we had to put all the chips on one over the other when building an economy, I would lean towards socialism.
The end goal for capitalism will always be profit, and as profits grow, markets will become more competitive, and competition drives companies towards morally questionable tactics in order to survive.
It's naturally prone to destructive behaviors. Whether that means exploiting workers to control expenses, exploiting resources to drive down costs, or manipulating the market to eliminate the competition, all of these solutions to the profit problem can and have hurt people and the environment before. It's why we have so much regulation
