Capitalism is a waste

[TexasTowelie]

In an article published in "Red Flag", Australian socialist Allen Myers shows how capitalist innovation that once drove society forward now holds it back.

THERE ARE some things that no Australian politician would ever publicly oppose. Motherhood. Democracy. Friendship. Economic efficiency.

These days, economic efficiency probably ranks higher than the other three in politicians' scale of values. But what is it?

We are told that capitalism is an efficient system, but at the same time, we're told that we have to strive to make the economy more efficient, usually by giving up hard-won working conditions. So it seems then that the alleged efficiency of capitalism is not automatic; we have to keep doing things or giving up things to make it efficient, and it never seems to be efficient enough.

In the physical sciences, a machine or process is efficient if it minimizes the waste of material or energy. An electric pump that delivers 98 percent of the input energy to move water is more efficient than one that delivers only 95 percent. (Because of friction, 100 percent efficiency is impossible.)

Read more: http://socialistworker.org/2015/08/18/capitalism-is-a-waste

[Starry Messenger]

1. It eats up so much social capital and cultural bandwidth

It perpetuates inequality, racism, gender bias. I think we are coming to another economic crisis again in the future too. We still haven't really done more than patch up the last one.

[Cheese Sandwich]

2. Yes it is a humongous fail.