You should define what you think is capitalism, cronyism, and meritocracy, because you seem to have an answer in your head that you don’t wish to divulge.
Capitalism is the idea that those that own the means of production own the profits from them.
Meritocracy is the idea that those with skill will prevail over those without.
I will argue that capitalism IS meritocratic, but the problem is that that which capitalism holds in high merits is that which generates capital at the fastest rate. Good products do not necessarily earn more money over bad products faster. Capitalism only cares about the fastest acquisition of capital through whatever barriers are present. This means it inherently does not care about labor that doesn’t generate profit (immediately).
Those that hold capital get to choose what merits we look for. Software developers or teachers, which can make more money? Childcare workers or lawyers, which can make more money? We pretend like the difference in these jobs and their pay is skill, but we treat various labor differently because we assign a higher capital interest to some labor, like the ability to write a contract or write a program, and a lower capital interest to other labor, like taking care of a child or teaching someone valuable skills. We pretend like physical, emotional, and reproductive labor is less skillful than intellectual labor because it doesn’t make as much money for capital, but the truth is that only capital gets to choose what is high-skilled and what gets to be paid like it’s high-skilled.
Thus, while capitalism is meritocratic in a sense, it is not meritocratic for workers, and will always devolve into a class-based system by design. I could argue that by choosing what is worth more money, they create their own cronyism, but that is really more of a moot point.
Capitalism is the idea that those that own the means of production own the profits from them.
Meritocracy is the idea that those with skill will prevail over those without.
I can agree on these definitions.
the problem is that that which capitalism holds in high merits is that which generates capital at the fastest rate
I tend to disagree with this, not that it’s entirely incorrect, but I think quality can’t be disregarded; can the product be made safely is another factor; then innovation plays a role allowing for higher quality products at faster rates. These aren’t smoke screens that some capitalist business man made up to trick you into thinking they are altruistic. These are things that might that effect bottom line.
Let’s switch back to the question, how would nepotism effect any of these things. Well, if the higher quality, safely produced, innovative product can’t come to market because it’s competing against people who have hoarded wealth though centuries long line of succession it’s not because capitalism has failed. Maybe it is, maybe this definition of capitalism would not prevent this type of stagnation. Would it be possible to expand the definition of capitalism, or even just build on the basic principle? I don’t know.
You should define what you think is capitalism, cronyism, and meritocracy, because you seem to have an answer in your head that you don’t wish to divulge.
Capitalism is the idea that those that own the means of production own the profits from them.
Meritocracy is the idea that those with skill will prevail over those without.
I will argue that capitalism IS meritocratic, but the problem is that that which capitalism holds in high merits is that which generates capital at the fastest rate. Good products do not necessarily earn more money over bad products faster. Capitalism only cares about the fastest acquisition of capital through whatever barriers are present. This means it inherently does not care about labor that doesn’t generate profit (immediately).
Those that hold capital get to choose what merits we look for. Software developers or teachers, which can make more money? Childcare workers or lawyers, which can make more money? We pretend like the difference in these jobs and their pay is skill, but we treat various labor differently because we assign a higher capital interest to some labor, like the ability to write a contract or write a program, and a lower capital interest to other labor, like taking care of a child or teaching someone valuable skills. We pretend like physical, emotional, and reproductive labor is less skillful than intellectual labor because it doesn’t make as much money for capital, but the truth is that only capital gets to choose what is high-skilled and what gets to be paid like it’s high-skilled.
Thus, while capitalism is meritocratic in a sense, it is not meritocratic for workers, and will always devolve into a class-based system by design. I could argue that by choosing what is worth more money, they create their own cronyism, but that is really more of a moot point.
I can agree on these definitions.
I tend to disagree with this, not that it’s entirely incorrect, but I think quality can’t be disregarded; can the product be made safely is another factor; then innovation plays a role allowing for higher quality products at faster rates. These aren’t smoke screens that some capitalist business man made up to trick you into thinking they are altruistic. These are things that might that effect bottom line.
Let’s switch back to the question, how would nepotism effect any of these things. Well, if the higher quality, safely produced, innovative product can’t come to market because it’s competing against people who have hoarded wealth though centuries long line of succession it’s not because capitalism has failed. Maybe it is, maybe this definition of capitalism would not prevent this type of stagnation. Would it be possible to expand the definition of capitalism, or even just build on the basic principle? I don’t know.