I was once talking with one of my classmates and he said that in the future, there will be universal basic income implemented by entire world. I was not convinced at that time and thought he is just being stupid but given the layoffs happening and massive amount of unemployment, I am thinking about this possibility. What do you say?
I strongly disagree. Capitalism is the primacy of investment over labor in determining ownership and control.
Its trivial to imagine a system with markets but no capitalism. Heck, there are literally people who pay money today so they can play games that qualify. History is rife with examples, including the mercantilist and monarchist systems that immediately preceded the modern capitalist state as well as the organizing principle of most commercial activity done without recourse to civil courts.
Saying capitalism and markets are synonymous is propaganda.