this post was submitted on 01 Aug 2024
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It's worth noting that the whole idea that capitalist markets are more efficient than state planning was born out of the fact that the west had higher economic growth than the Soviet bloc during the Cold War. However, key context there is that the US effectively sat the war out and developed its industry while the rest of the world burned. That's where the economic advantage in the west actually came from. Now that the west doesn't have a head start, we're seeing how the market model is failing to keep up.
Don't forget the massive exploitation of the Global South for cheap resources and labour that allowed them to advance themselves at the cost of massively empoverishing the vast majority of the chain of production they relied on. Or in other words, they stole everyones futures for advancing only themselves.
Absolutely, but much of that was made possible by US coming out as a superpower from WW2. Without that, western colonialism would've crumbled a long time ago.
even the mfing WEF admitted that capitalism confuses growth with actual value. That tri-continental report on how the capitalist era is comprised of hegemonies, which piggyback off the financialization and decay of the former hegemon, has led to me to think that maybe future historians will view the US as the last hegemony of it's kind.
I do hope we collectively learn from the debacle of western capitalism going forward.