Capitalism
Of all the enemies of democracy and freedom, Friedrich August von Hayek was probably the smartest. At least, he was the most influential: the structures of today’s global economy — the European Economic and Monetary Union, central banks, “balanced budget amendments” to national constitutions, and “free” trade agreements guaranteeing capital’s future profits — are essentially
Capitalism
Libertarians argue that capitalism is superior to socialism because in capitalism anyone is free to do anything — including start a worker cooperative. In truth, capitalism constrains our options, while socialism can liberate us to live as we please. Capitalism is a system under which the means of production can be bought and sold by
Capitalism
Sellers have always had access to more information than buyers, and “dynamic pricing,” which harnesses the power of algorithms and big data, is supercharging this asymmetry. If you weren’t already convinced the future of capitalism will involve an endless optimization of extractive capacity and the ensuing enshitification of every last bit of consumer life, well, get ready
Capitalism
Ayn Rand believed that the path to social harmony ran through the inferior masses’ acceptance of brutal rule by their natural superiors. Her perspective was wrong, and its implications were just as grim and nasty as her atrocious personality. Those of us familiar with Ayn Rand’s ardent pro-capitalism and renowned meanspiritedness may be disinclined to
Capitalism
BY PAN PYLAS AND MASHA MACPHERSONUpdated 11:32 AM EST, January 15, 2024 DAVOS, Switzerland (AP) — The world could have its first trillionaire within a decade, anti-poverty organization Oxfam International said Monday in its annual assessment of global inequalities timed to the gathering of political and business elites at the Swiss ski resort of Davos. Oxfam, which for years
Capitalism
The ratio of CEO pay to worker pay is almost 300 to 1. Are we really supposed to believe CEOs work 300 times harder or create 300 times more value than us? As an abstract value at least, equality is generally seen as a good thing in most liberal democratic societies. Outside certain fringes of