> Capitalism is simply an economic system where the means of production are privately owned. Growth is not a requirement or even feature of capitalism.
The problem is that private ownership leads to the classic collective action problem, where actions that are individually rational to each private owner have consequences that are collectively irrational and make the world worse off.
This is not to say that private ownership should be abolished. But there has to at least be a heavy collective counterweight to self-interested wealth accumulation.
The problem is that private ownership leads to the classic collective action problem, where actions that are individually rational to each private owner have consequences that are collectively irrational and make the world worse off.
This is not to say that private ownership should be abolished. But there has to at least be a heavy collective counterweight to self-interested wealth accumulation.