"Capitalism is the only system that has a proven track record of bringing people out of poverty."
Not sure about that. Stalin may have achieved economic growth of 500% over 13 years - more than China.
The problem with socialism/communism is that you don't have a market. Besides lacking of incentives, feedback loops etc., you basically don't have a way to price goods. Not market, no prices. All these systems will fail in the long run.
This being said, a capitalistic system relies on expansion of credit (actually one point, in which good old Mises was wrong). Credit is always a ponzi scheme. If credit expansion stops, the whole system will collapse. What we currently see is the prevention of system collapse by the western government. People are maxed out and the gov, as a lender of last resort, goes into debt. This will not end good. I doubt that significant growth can be achieved anymore in western countries. So communism has failed but capitalism does not look very good either, at least in the west.
This is totally true. I remember having read an article where the author states, that in 20 or 30 years we may look back this time as a time with very little innovation (due to the internet start-ups).
Very few invest in real hardware these days. I am looking for money for my own start up. Diabetes field. No Chance.
Not sure about that. Stalin may have achieved economic growth of 500% over 13 years - more than China.
The problem with socialism/communism is that you don't have a market. Besides lacking of incentives, feedback loops etc., you basically don't have a way to price goods. Not market, no prices. All these systems will fail in the long run.
This being said, a capitalistic system relies on expansion of credit (actually one point, in which good old Mises was wrong). Credit is always a ponzi scheme. If credit expansion stops, the whole system will collapse. What we currently see is the prevention of system collapse by the western government. People are maxed out and the gov, as a lender of last resort, goes into debt. This will not end good. I doubt that significant growth can be achieved anymore in western countries. So communism has failed but capitalism does not look very good either, at least in the west.