Thursday, January 6, 2011

Capitalism's Fatal Flaws

Capitalism has a number of fatal flaws.  Three of these are:
1.  Utility theory and the monetary system assume value monism.  But, in fact, value pluralism is correct, not value monism. (See, philosopher, axiology and references therein.)  If you have bad values you make bad decisions.
2.  For a hundred years we have known that groups can make better decisions than individuals can. (The Wisdom of Crowds, James Surowiecki, Random House, 2004)  We should not have chairs, deans, presidents, bosses, CEOs, rather, decisions should be taken by worker's councils. Democracy is more efficient than dictatorships. This is why I am a DEMOCRATIC socialist.
3. The world capitalist system depends upon growth. It is a Ponzi scheme. But world resources are limited. Our economy needs to stabilize and, in fact, shrink a bit.  If things continue as they have I fear our species will enter a period of (more or less violent) Volterra oscillations.

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