America has a long history of privatizing profits and socializing costs.
Market economies are clearly preferable over demand economies (like, no question about it), but Late Stage Capitalism is bad for everybody except the oligarchs.
John Steinbeck once said that socialism never took root in America because the poor see themselves not as an exploited proletariat but as temporarily embarrassed millionaires.
With AI and Robotics looming over us, we would be very well served to re-examine our economic systems while we still have a chance.
Ironically, this is one of the strongest proofs that American society is very un-capitalistic.
Shareholders, who would have received the dividends from rent payments otherwise, simply go pound sand when this happens.
Even though there should be plenty of shareholders willing to accept lower asset values in exchange for continued, reduced, dividend payouts.
America has a long history of privatizing profits and socializing costs.
Market economies are clearly preferable over demand economies (like, no question about it), but Late Stage Capitalism is bad for everybody except the oligarchs.
John Steinbeck once said that socialism never took root in America because the poor see themselves not as an exploited proletariat but as temporarily embarrassed millionaires.
With AI and Robotics looming over us, we would be very well served to re-examine our economic systems while we still have a chance.
More like a game of Hot Potato.