This is a different and interesting way of looking at the failed system that has devastated American well being and directly threatens our planet. As usual Umair’s explanations bring out the puppets of the oligarchy. There are relatively few of them now but they trot out their denials and obfuscations.
Just to clarify a few of the worst errors:
- capitalism worked originally to allow the effective gathering of resources for large ventures. That was of great value when a simplistic goal of maximized resource extraction and goods production was needed and possible. That is not only no longer possible but highly destructive to the planet. It is also structurally flawed and inevitability results in conversion to all activity to hording of assets to generate “income” because that is easier than production of goods and services. See Capital in the Twenty-First Century by Thomas Piketty.
- physical resources were the basis of functional capitalism but that has been replaced by knowledge in the post-capitalist world. Capitalism is a dead letter. See Post-Capitalist Society; Peter F. Drucker
- Markets as a means of setting prices are very efficient. They will continue to have a place in pricing of truly limited resources. Artificial scarcity is a tool of late stage capitalism and has nothing to do with freedom or the strength of markets. Creativity and innovation are forms of knowledge and are the value systems of the post capitalist world. At the same time scarcity needs to be eliminated as it has been used as a goad to drive people to outrageous consumption and that can no longer be tolerated if we are to survive on this planet. See, for example, Of the People, By the People: The Case for a Participatory Economy, Robin Hahnel
As usual we have people living in a previous age and pretending that nothing has changed when everything is changing. Massive paradigmatic shifts force the construction and adherence to a new world model. Laggards are inevitable in this situation but represent only noise. We no longer have time for noise.