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Thread: Has capitalism failed?
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[quote=SETH,331757]I think you could say that 100% greed-driven capitalism (robber barons, sweat shops, etc.) has failed in the past because of inhumane treatment, inequitable situations, and organized labor. The system can only work if there are expanding markets and/or new things being produced that people want or need. There are no guarantees in a finite world for continous growth in anything! The current mess in part is based on the belief that housing values will continue to rise, providing the basis for lots of credit and home equity loans based on an inflated unrealistic value of a house. Greed took over when people were rewarded for making so many bad loans, and greed took over where people got too much in debt based on unrealistic faith in the "value" of their house. Lots of things rippled out of this. I am guilty of over-simplification I'm sure. Any system can fail, but captialism has safety valves called inflation, recession, and depression. Those are mother nature's way of saying "you are having way too much fun!" So no, I don't think this is a failure in the capitalism system, but more of a failing in human beings becoming greedy and unwise in how much they buy on bad credit. On the other hand, a real strength of captialism is constant creativity, which is probably why so much American culture, clothes, music, technologies, etc., are desired across the world. The USA will recover, but it will take time.[/quote]
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