Shine a light on it

This is not a religious rant.

The Devil loves the dark. He shies away from the light.

I was having a devil of a time understanding why I felt that capitalism was a failed system.

My concern was prompted by the perpetual focus on how rich the super rich are. The worth of Elon Musk, Bill Gates etc is staggering! According to Wikipedia they are surpassed by Bernard Arnaut who is worth $233 billion!! (understandable as he produces the world’s best champagne, brandy and luxury goods – Louis Vuitton – he sells to rich folk).

Then I shone a little light on their worth: LVMH has 213,000 employees, representing 190 different nationalities; Musk companies employ over 110,000 people.

That’s how capitalism works: clever people employ many people who in turn fund society and of course they all pay taxes so we can have a government to run our countries. In 2023, LVMH paid a tax rate of 26% on revenue of €86 billion.

That looks like capitalism works very well for society!!

Since the adoption of capitalism the world has improved dramatically:

• Life expectancy has more than doubled since 1900;
• the almost universal illiteracy of 200 years ago has practically disappeared;
• only 10% of the world live in extreme poverty, compared to 80% of the world 2 00 years ago.

There certainly seems to be enough money provided by the Capitalist economies and even the former communist and totalitarian economies like China and Russia who have ample funds to spend on military hardware and war!

So we must shine our light elsewhere.

The US federal government debt now stands at 33 trillion dollars*

Almost every single Western economy shows a similar pattern!!

Throughout democratic capitalist economies, politicians are confronted by rising expectations of the voters, rising costs of government and declining productivity.

… authoritarian capitalist economies such as those of Russia and China are not constrained by the economic realities that confront Western democracies.

If free market capitalist economies are to survive we have to either substantially increase rates of taxation to pay for rearmament or reduce the welfare benefits that citizens now see as their right.

https://www.spectator.com.au/2024/06/are-we-doomed Tony Letford

Put that in your pipe and smoke it! Our governments are just shelling out money to stay in power – how long is that going to work?

So my faith in capitalism is restored. I have no faith in politicians, yet they are what we have, so we must get them to work properly.