Amazed that I had to scroll down this far to read this. Capitalism does not magically create a fair society through the creation of value (which seems to be what its proponents keep saying: investors generating economic activity and wealth).
But similarly you could have a socialist economic system, with no real democracy. Which, as we’ve seen, devolves into a corrupt oligarchy.
We’ve seemingly lost this perspective in the decades since WWII, but a solid representative parliamentary democracy and separation of powers are the best way to create and maintain a fair society. It requires some other conditions too, like good education, free press, etc. but the core is a system where power is distributed and temporary, depending on democratic processes (elections).
This democratic legitimacy is what we should be defending at all costs, imho. It’s not sexy, though.
Amazed that I had to scroll down this far to read this. Capitalism does not magically create a fair society through the creation of value (which seems to be what its proponents keep saying: investors generating economic activity and wealth). But similarly you could have a socialist economic system, with no real democracy. Which, as we’ve seen, devolves into a corrupt oligarchy. We’ve seemingly lost this perspective in the decades since WWII, but a solid representative parliamentary democracy and separation of powers are the best way to create and maintain a fair society. It requires some other conditions too, like good education, free press, etc. but the core is a system where power is distributed and temporary, depending on democratic processes (elections). This democratic legitimacy is what we should be defending at all costs, imho. It’s not sexy, though.