Comment by impossiblefork
2 days ago
Maybe, and you really believe that, then you do believe in capitalism as Louis Blanc defined it, even though he invented it as a way to characterize something which he regarded as bad.
But this kind of thing, i.e. capital accumulation by some to the exclusion of others, is, I think, objectively problematic in that it's not really compatible with free markets since capital ownership will be barrier to entry once capital has in fact been accumulated by some to the exclusion of others.
I agree that it is decentralized though, but sort of like how feudalism is decentralized.
My point is that socially beneficial capital intensive projects require, well, a large lump of capital. This can be organised by the state (command economy), or through allowing private accumulation of capital - but here I do include corporations, and indeed financing through loans. It would be quite possible for individuals to have much the same wealth (perhaps modulo time to retirement?), and to be pooling it as share owners of said corporations. This would still be a capitalist system - but a fairer one maybe!