this post was submitted on 13 Jun 2024
1572 points (96.3% liked)

memes

10334 readers
1711 users here now

Community rules

1. Be civilNo trolling, bigotry or other insulting / annoying behaviour

2. No politicsThis is non-politics community. For political memes please go to [email protected]

3. No recent repostsCheck for reposts when posting a meme, you can only repost after 1 month

4. No botsNo bots without the express approval of the mods or the admins

5. No Spam/AdsNo advertisements or spam. This is an instance rule and the only way to live.

Sister communities

founded 1 year ago
MODERATORS
 
you are viewing a single comment's thread
view the rest of the comments
[–] [email protected] 1 points 5 months ago (1 children)

Capitalism isn't a magic antidote. Nor are all iterations of it successful. It really depends on the government keeping corruption under control, keeping monopolies from forming, keeping regulatory capture from occurring. Also, capitalism is just an economic system. There's also political systems, legal systems, financial systems, military systems, all sorts of other government functions.

Capitalism is actually working pretty well in Asia. China is doing tremendously better since they introduced some capitalism into their socialist system, creating a mixed economy. Their growth has lifted a lot of people out of poverty. Other Asian economies have performed very well. Look at Taiwan, Singapore, South Korea, and (at least prior to Chinese takeover) Hong Kong.

Latin America and Africa have a lot of complex problems, many stemming from years - or even centuries - of colonialism, military conflicts, social issues, endemic corruption, bad economic policy like "printing money" and trying to spend their way out of inflation, thereby creating hyperinflation, etc. Expecting an economic system to magically fix all the incredibly complex and even seemingly intractable issues in a society is quite unrealistic.