I read The Rational Optimist a few years ago and likewise found it a fantastic reference for challenging the increasingly popular negative opinion of capitalism.
I recommend listening to the Lex Fridman podcast episode with Cenk Uygur, where they draw distinctions between capitalism and ‘corporatism’. The capitalism they speak of is like that which you’ve written about, a system of trust. Whereas corporatism is the manifestation of capitalism which favours the minority and thus “spits out billionaires”.
Corporatism is actually a function of socialism. Incorporation into the state.
The state offers limited liability and or public stock trading and or what have you in exchange for control via reporting and government oversight.
So the example of buying a coffee is fine. But the one of the corporate merger is much more likely to be a pirate move. And those kind of pirates are corporate, meaning they are backed by the state. They're giving back room deals and contracts and protection by the state as well. And so they can only get big enough to eat a bunch of other companies via government involvement, which in a healthy world would be absolutely nil.
I agree with this take. Informing yourself from both a positive and negative lens is crucial. Social media as a whole for instance is demonised but think of all the incredible things it's done. You've reminded me to challenge the ideas that have naturally been stamped onto me.
Also, I agree the chips to air ratio really is getting out of hand!
Nice piece Ned. I was inclined to disagree upon reading the title, but I love the idea of trade being built upon peace and trust. We totally take it for granted - a funny image that comes to mind upon thinking of this is the Soup Nazi Seinfeld episode, where the product blows the competition out of water so much so that the customers behave as if they’re under a communist regime. Thank God for capitalism - there’s an abundance of newer, better food options without terrible service!
What a great POV on capitalism. I quite like capitalism mainly because figuring out how to be on the upper ends of it gives me access to opportunities that would otherwise be restricted from me. (I'm queer and was born in Indonesia. If I was subject to the same values as the masses, I would hardly have a career).
This line made me laugh: And the same reason that a packet of Doritos will be filled with chips, and not thin air – wait.
I haven't. Immediately added that to my TBR after reading your post! I don't think many other ideologies have figured out incentives as good as capitalism so I'm glad that this book is giving it a better rep
Yikes 🤨 don't agree! Capitalism definitely supports innovation and international co-operation to an extent, but this take only really makes sense if you completely ignore the harm capitalism causes to both the environment and those on the flip side of the benefits we experience.
“Exchange is a peaceful, cooperative act” ➡️ Not for the children in sweatshops making clothes for fast fashion brands.
"If you want to succeed in business (or life), you can’t be a jerk all the time." ➡️ Large fashion brands (which make the most money from people in Europe and US buying their clothes) regularly steal designs from small traders and indigenous peoples all the time with near impunity. For example, this creator who had her design and even her images stolen by Shein without permission: https://www.instagram.com/reel/DA8PZflNlEg/
“It’s precisely the reason that a tube of Colgate will always be filled with toothpaste, and not watery goo.” ➡️ I think regulations are the thing doing that, not capitalism.
It is a nuanced topic as you rightfully said, but framing capitalism as "a system where you succeed by working with others" feels overly simplistic and very rose-tinted-glasses.
Nice piece Ned.
I read The Rational Optimist a few years ago and likewise found it a fantastic reference for challenging the increasingly popular negative opinion of capitalism.
I recommend listening to the Lex Fridman podcast episode with Cenk Uygur, where they draw distinctions between capitalism and ‘corporatism’. The capitalism they speak of is like that which you’ve written about, a system of trust. Whereas corporatism is the manifestation of capitalism which favours the minority and thus “spits out billionaires”.
Looking forward to your next piece!
Thanks Stevey! This podcast is now locked and loaded for the my next commute to work 😤😤
Corporatism is actually a function of socialism. Incorporation into the state.
The state offers limited liability and or public stock trading and or what have you in exchange for control via reporting and government oversight.
So the example of buying a coffee is fine. But the one of the corporate merger is much more likely to be a pirate move. And those kind of pirates are corporate, meaning they are backed by the state. They're giving back room deals and contracts and protection by the state as well. And so they can only get big enough to eat a bunch of other companies via government involvement, which in a healthy world would be absolutely nil.
Well written Darling. A very positive view point, and a refreshing read on trade. Everyone prefers peace.
Thanks Caroline!
I agree with this take. Informing yourself from both a positive and negative lens is crucial. Social media as a whole for instance is demonised but think of all the incredible things it's done. You've reminded me to challenge the ideas that have naturally been stamped onto me.
Also, I agree the chips to air ratio really is getting out of hand!
Someone's gotta write a letter to the consumer watchdog....
I think there's nothing more powerful than training perception. Glad you liked the post Eren!
Nice piece Ned. I was inclined to disagree upon reading the title, but I love the idea of trade being built upon peace and trust. We totally take it for granted - a funny image that comes to mind upon thinking of this is the Soup Nazi Seinfeld episode, where the product blows the competition out of water so much so that the customers behave as if they’re under a communist regime. Thank God for capitalism - there’s an abundance of newer, better food options without terrible service!
Let the free market let us be free! Thanks for the comment perri glad you enjoyed 😊
What a great POV on capitalism. I quite like capitalism mainly because figuring out how to be on the upper ends of it gives me access to opportunities that would otherwise be restricted from me. (I'm queer and was born in Indonesia. If I was subject to the same values as the masses, I would hardly have a career).
This line made me laugh: And the same reason that a packet of Doritos will be filled with chips, and not thin air – wait.
That's a fantastic way of thinking about it! Have you read the book? It's amazing how it can shift your opinion. Lol glad you liked that line :)
I haven't. Immediately added that to my TBR after reading your post! I don't think many other ideologies have figured out incentives as good as capitalism so I'm glad that this book is giving it a better rep
That's great! Definitely worth a go.
Yikes 🤨 don't agree! Capitalism definitely supports innovation and international co-operation to an extent, but this take only really makes sense if you completely ignore the harm capitalism causes to both the environment and those on the flip side of the benefits we experience.
“Exchange is a peaceful, cooperative act” ➡️ Not for the children in sweatshops making clothes for fast fashion brands.
"If you want to succeed in business (or life), you can’t be a jerk all the time." ➡️ Large fashion brands (which make the most money from people in Europe and US buying their clothes) regularly steal designs from small traders and indigenous peoples all the time with near impunity. For example, this creator who had her design and even her images stolen by Shein without permission: https://www.instagram.com/reel/DA8PZflNlEg/
“It’s precisely the reason that a tube of Colgate will always be filled with toothpaste, and not watery goo.” ➡️ I think regulations are the thing doing that, not capitalism.
It is a nuanced topic as you rightfully said, but framing capitalism as "a system where you succeed by working with others" feels overly simplistic and very rose-tinted-glasses.