Almost all of the innovation that Mr. Keen says capitalism is so great at, aviation, aerospace, computers, the internet, biotech, etc all came out of the state sector. When they finally became profitable they were then handed over to the private sector. Socialize the losses, privatize the profits.
Today, banks don't even fund new capital investment, they only loan against assets already in place.
@WilhelmDrake Err, he didn't use any of the examples you used... and specifically pointed out that capitalism is only good at creating things that are immediately consumed and saleable, like air-conditioners-- but absolutely lousy at addressing knock-on or long-term/feedback effects.
I mean, do you realize that in this mock debate, he is arguing for the side that says Capitalism CAN'T save the planet?
I think the reason why Capitalism "rejects its meds" is quite simple - competition produces a stronger and stronger concentration of capital. As companies grow larger and form conglomerates and cartels, they also gain greater and greater ability to influence legislature.
When is Steve Keen going to join Max Keiser's Rage Tour for a double act!
"3 crises at once, like a bad episode of Star Trek!"
Steve is actually more articulate (he always seems to overwhelm Max on the Keiser Report), but Max is more expressive/manic!
ApocalypticAang 6 months ago
Almost all of the innovation that Mr. Keen says capitalism is so great at, aviation, aerospace, computers, the internet, biotech, etc all came out of the state sector. When they finally became profitable they were then handed over to the private sector. Socialize the losses, privatize the profits.
Today, banks don't even fund new capital investment, they only loan against assets already in place.
WilhelmDrake 9 months ago
@WilhelmDrake Err, he didn't use any of the examples you used... and specifically pointed out that capitalism is only good at creating things that are immediately consumed and saleable, like air-conditioners-- but absolutely lousy at addressing knock-on or long-term/feedback effects.
I mean, do you realize that in this mock debate, he is arguing for the side that says Capitalism CAN'T save the planet?
ApocalypticAang 6 months ago
To call the Soviet Union "socialist" or "communist" is to buy into Soviet propaganda.
WilhelmDrake 9 months ago
I think the reason why Capitalism "rejects its meds" is quite simple - competition produces a stronger and stronger concentration of capital. As companies grow larger and form conglomerates and cartels, they also gain greater and greater ability to influence legislature.
juujuuuujj 10 months ago
When Steve Keen gets his Nobel prize, I hope he gives them all "the finger"
heckler73 1 year ago