…only to disintegrate altogether soon after
The history of capitalism has an arc of its own. It has a beginning, a high point, and yes, an end — with or without revolutions, climate change or ecological destruction. Capitalism follows a trajectory of natural evolution culminating in a Orwellian dystopia, right before its quick demise. Join me in this short review on the origins of capitalism to understand why every attempt made at dismantling it has failed — and will continue to do so — until the authoritarian technologies making it possible disappear in the not so distant future.
According to Investopedia “Capitalism is an economic system characterized by private ownership of the means of production, with labor solely paid wages. Capitalism depends on the enforcement of private property rights, which provide incentives for investment in and productive use of capital.” What is sorely missing from this definition — as always when it comes to economics — is the role of technology and energy. Both factors have played a crucial role in the conception of this idea, let alone its growth into the hydra it has become. Contrary to common wisdom, I argue, neither of these critical inputs — energy and technology — were brought about by capitalism itself, it was completely the other way around. It was the use of technology and an ever growing availability of energy which has made capitalism possible, and thus the loss of these will be the cause which will eventually bring it to its knees.
Capitalism can never hoped to be dismantled without abandoning technology.
I know that is a harsh statement, perhaps prompting some of my readers to point out how anti-technology I am, and how a socialist revolution / green technologies / Bitcoin / gold / or fill in the blank could turn things around overnight. Well, all I ask is this: bear with me for a few more minutes.
…click on the above link to read the rest…