I’m trying to keep this blog as politically neutral as possible, but Bernie Sanders’ speech hints at the intriguing question of whether “capitalism” is truly the most advanced form of economic system.
In a future world where food, shelter, health care, knowledge, and energy are less scarce (but, unfortunately, probably not abundant, at least not for everyone on the planet), is there less of a role for a free market system to facilitate the allocation of scarce resources? Indeed, as the wealth gap widens in the United States, are we seeing that greed and fear make (pure) capitalism and (broad) prosperity incompatible? Will the global corporations of tomorrow end up fighting (perhaps literally) for market share in less developed economies where supply-demand imbalances persist?
It has been shown that democracy is not an essential ingredient for prosperity. Perhaps the same holds for capitalism. Regardless, we should remember that democracy and capitalism are certainly not the same thing, nor must they go hand in hand.