eight things tagged “capitalism”

On Doing Things Right and Doing the Right Thing

There’s a difference between doing things right and doing the right thing. Doing the right thing is wisdom, and effectiveness. Doing things right is efficiency. The curious thing is the righter you do the wrong thing the wronger you become. If you’re doing the wrong thing and you make a mistake and correct it you become wronger. So it’s better to do the right thing wrong than the wrong thing right. Almost every major social problem that confronts us today is a consequence of trying to do the wrong things righter.

Peter Drucker

On Privatizing Gain and Socializing Loss

Though capitalism has had a longer lease of life than some of us would’ve predicted or that many of our ancestors of the socialist movement did predict or allow, it still produces the fax machine and the microchip and still able to lower its costs and still able to flatten its distribution curve very well. It’s central contradiction remains the same; It produces publicly, it produces socially, it conscripts and it mobilizes and educates whole new work forces of people, it has an enormous transforming liberating effect in that respect but it appropriates privately. The resources and the natural abilities are held in common, the earth belongs to us all. You can’t buy your child a place at a school with better ozone. You can’t pretend that the world is other than what it is which is one and human and natural and in common. Though capitalism must do that because it must make us all work until the point when the social product is to be shared. When suddenly the appropriation is private and suddenly Donald Trump outvotes any congressman you can name and anyone with a vote because of the ownership of capital and its that effect, that annexation of what we all do and must do — the influence of labor and intelligence and creativity on nature; the same air, the same water that we must breathe and drink. That means that we may not have long in which to make this critique of the system sing again and relevant again and incisive again.

Christopher Hitchens, Is Socialism Obsolete? (Recorded in Washington DC on October 11, 1989)

Democracy Dies Behind Paywalls

World’s richest men added billions to their fortunes last year as others struggled: Billionaires have added about $1 trillion to their total net worth since the pandemic began” (WaPo, Paywall.)

(Even though The Post is a complexifier for me, I do not at all regret my investment. The Post is a critical institution with a critical mission. My stewardship of The Post and my support of its mission, which will remain unswerving, is something I will be most proud of when I’m 90 and reviewing my life, if I’m lucky enough to live that long, regardless of any complexities it creates for me.)

Jeff Bezos, “No thank you, Mr. Pecker

So why can’t the World’s Richest Man fund a paper as “critical” as the Washington Post in perpetuity?