Capitalism is criticized a lot on here (especially by American users, it seems to me). Most of that seems well-founded, but I also have the feeling that most of these complaints are simply venting and not the first step to improvement.
So I would like to know what specific changes you (especially Americans) want to see from lawmakers.
So, capitalism is itself defined more than one way depending on who’s talking, and I only have a problem with some versions of it:
In the sense that certain people get to just own stuff, while others have to work, I’d say capping wealth at like 7 digits would be a simple solution. You can save up a few million across a high-earning but normal career, but nobody makes it to 8 unless they’re a bigshot. Over time random social mobility should hopefully smooth out the remainder of class distinctions. If not, maybe 6 digits, although some dentists are going to be pissed.
In the sense that we organise our economy around profit motive and competition, I don’t have an issue with it because it seems to work well. If you need to buy something, there’s always somebody selling it and vice-verse. If you look at history, or at the crazy supply chains that exist to facilitate that, it’s quite an achievement.
In the sense that people privately own the means of production, there’s a bit of a trick deciding what the means of production even are. A foundry definitely counts, and a toothbrush definitely doesn’t, but what about a van, which you could use personally or to transport people? You could licence them separately depending on use, but then you couldn’t work as a “rideshare” even if there was a major shortage of taxis, which is dumb red tape. It’s far more productive to talk about things in terms of their market value rather than getting any more granular, which is why the law usually does that.
This comment really speaks to how I feel.
In addition to flattening the wealth curve on the high end, I think the first change I would want is to increase the federal minimum wage. For decades wages have been stagnant while cost-of-living has grown which has led to mass economic insecurity. I think a lot of current political tension is a direct result. That makes it difficult to cooperate to implement policies that would help people.
Basic income - probably at right where our minimum wage is now - would be my solution to the poverty at the other end. Honestly that’s more important, but it didn’t really fit into the format of my post so well.
Some other assorted economic policies on my wish list: Publicly-funded elections, the end of restrictive residential zoning, bigger carbon taxes right around the social cost, very open economic immigration policy, a government sponsored system for opening up intellectual property, and maybe some sort of single-payer law system because it’s a bit shit you can buy justice sometimes.
A lot of people would call me a communist for this. Communists are currently telling me I’m an idiot in another thread. Thankfully we live in an open society where I can just do my own thing and it doesn’t matter.