My issue with socialism as a response to crony capitalism is pretty simply that I don't trust institutions that misuse their power already to do less of that when they have more of it
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People, generally with legitimate grievances, forget too easily that the "crony" of "crony capitalism" indicates an intimate bond, and with whom that bond is implied.
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This can be said of both the corporate interests and the government entities that have engaged in this, but only one of these can compel your cooperation via threat of property confiscation, imprisonment or death, and I think that's a pretty good reason to empower it cautiously
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FWIW, I have a pretty good opinion of someone like Bernie Sanders, who I genuinely believe is motivated by an admirable vision and would be extremely difficult to buy out personally. But I don't think he understands power well enough to avoid being ultimately sidelined by it
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I also have *really* positive opinions about a number of successful founders and business owners, and I readily admit that I think it'd be an absolute travesty to dismantle the capital that's funding new ideas much more cost-effectively than institutional academic spending
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In case "absolute travesty" isn't clear enough, I think eviscerating private capital thoroughly enough would have the potential to not only plunge us into sustained economic catastrophe but also to create what would be aptly called a new intellectual Dark Age
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The violence and instability we could expect from dismantling the social infrastructure is matched by the violence and material + intellectual poverty arising from dismantling capital. Well-meaning but wild swings will rapidly show us that we're not living out the end of history
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I think it's absolutely vital to recognize that the chaos that could be sown by incapacitating US capital would likely cause a *global* Dark Age, because so many other currently-functional economies & innovation-makers abroad rely heavily on the intellectual products of our own
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rn we're functionally subsidizing a lot of the good stuff we see in other western nations, in return for a generally good trade for much of the world's top talent. I won't try to predict the collapse if we suddenly took a hammer to this, but it would go well beyond "shock waves."
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End of conversation
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Very well said! For example: Elon Musk and the founders of Google came to the US to create new technologies because of access to human and financial capital. Take capital access away and innovation moves elsewhere!
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Beautiful thread. Thank you.
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