Adam Smith “sold” capitalism on the virtue of “free and fair markets”. Capitalism, as a practical understanding today, is the supremacy of capital, oligarchist protectionism, and corporatism. Only fair markets (those without coercion and lies, including structural coercion) are free. Adam Smith did not define/sell capitalism as structural coercion of society to maximize ROI for those with capital. Actually the opposite, where “perfect competition” was supposed to result from free and fair markets. Monopoly/cartels generate higher ROI than competition.
UBI/freedom dividends is the path for free and fair markets for labour. It also naturally increases ROI, where investment includes work/time, where the freedom to refuse unfair work means higher pay for work, including higher returns on capital/management, if competition needs higher returns for their work too. But, most important to ROI, redistribution and high pay, means significant increase in demand/GDP, and more work available to satisfy that demand.
The reason UBI is resisted, is not that the rich cannot get much richer from UBI. It is that UBI redistributes power instead of wealth. Those in power, have more power under slavery than by giving away their power (freedom) to the people. Oligarchy needs control over power to protect their oligarchy. After your first $B, what is the point of more money if not to enforce harsher slavery to limit competition to your next $Bs.
Adam Smith didn’t conflate capitalism and free market which are two separate mechanisms
Capitalism is priavte ownership of key sectors of economy
Free makret is right to contract freely.
Idiots in america and westpid regimes will generally conflaw the two due to heavy regime propaganda that justifies the oligarchy which uses “free market” as justification for their status.
ROI exists/dominates investment decisions under private or social/communal ownership. Let’s say your country imposes a fixed price to pay you per bushel of wheat. The decision to buy a tractor is completely independent of how equal the ownership in the farm(s) is.
Adam Smith’s justification for capitalism relied on an imaginary “perfect information” mechanism. He did see some centralized governance need to prevent the market corruption of monopoly/cartels, but was relatively silent on need for regulation (say health inspections of restaurants) as a way to avoid food poisoning, or everyone magically knowing that a food poisoning victim was poisoned at a specific restaurant. Though, its possible to theorize that restaurant inspection can be done by multiple private/social organizations. none of the options are immune to corruption if there is a “free market” for politicians/bribery.
Adam Smith “sold” capitalism on the virtue of “free and fair markets”. Capitalism, as a practical understanding today, is the supremacy of capital, oligarchist protectionism, and corporatism. Only fair markets (those without coercion and lies, including structural coercion) are free. Adam Smith did not define/sell capitalism as structural coercion of society to maximize ROI for those with capital. Actually the opposite, where “perfect competition” was supposed to result from free and fair markets. Monopoly/cartels generate higher ROI than competition.
UBI/freedom dividends is the path for free and fair markets for labour. It also naturally increases ROI, where investment includes work/time, where the freedom to refuse unfair work means higher pay for work, including higher returns on capital/management, if competition needs higher returns for their work too. But, most important to ROI, redistribution and high pay, means significant increase in demand/GDP, and more work available to satisfy that demand.
The reason UBI is resisted, is not that the rich cannot get much richer from UBI. It is that UBI redistributes power instead of wealth. Those in power, have more power under slavery than by giving away their power (freedom) to the people. Oligarchy needs control over power to protect their oligarchy. After your first $B, what is the point of more money if not to enforce harsher slavery to limit competition to your next $Bs.
Adam Smith didn’t conflate capitalism and free market which are two separate mechanisms
Capitalism is priavte ownership of key sectors of economy
Free makret is right to contract freely.
Idiots in america and westpid regimes will generally conflaw the two due to heavy regime propaganda that justifies the oligarchy which uses “free market” as justification for their status.
Yep. And idiots love to repeat the false and flawed interpretation of Smith. And ignore his critiques and analysis.
ROI exists/dominates investment decisions under private or social/communal ownership. Let’s say your country imposes a fixed price to pay you per bushel of wheat. The decision to buy a tractor is completely independent of how equal the ownership in the farm(s) is.
Adam Smith’s justification for capitalism relied on an imaginary “perfect information” mechanism. He did see some centralized governance need to prevent the market corruption of monopoly/cartels, but was relatively silent on need for regulation (say health inspections of restaurants) as a way to avoid food poisoning, or everyone magically knowing that a food poisoning victim was poisoned at a specific restaurant. Though, its possible to theorize that restaurant inspection can be done by multiple private/social organizations. none of the options are immune to corruption if there is a “free market” for politicians/bribery.