[Albert Einstein looks at us]
Unlimited competition leads to a huge waste of labor, and to the crippling of the social consciousness of individuals.
This crippling of individuals I consider the worst evil of capitalism.
I am convinced there is only one way to eliminate these grave evils, namely through the establishment of a socialist economy
Albert Einstein
Why Socialism?
1949
https://thebad.website/comic/the_crippling_of_individuals
I think it takes more to drive innovation on the scale that capitalism can achieve. I agree the continued accumulation of capital isn’t sustainable. Taxes and equivalent mechanisms need to keep the system in balance. This could be done - probably not in the U.S. before it collapses or a revolution occurs. But the concept of capitalism doesn’t require infinite capital acquisition. Of course there are other ways that innovation can be promoted, but government driven research has a tendency to stifle risk taking and creative freedom. Capitalism happens to be naturally good at promoting effective innovation. It uses people’s greed as a motivator which works well with humans although of course it’s a double edged sword and must be handled carefully.
Innovation on the scale that capitalism can achieve is destroying the planet. We don’t need that.
No. That’s the unregulated part. And in a democracy, that lack of regulation falls squarely on the voters who have utterly failed in the U.S. and to a lesser degree in other western countries. The success of renewables was created by regulations and incentives by capitalist governments that adjusted the paying field to allow competition that promoted innovation in that field. The entire world was starting to move on climate change (probably too slowly, but still) - even China - until the U.S. voted in Trump and his ilk who gutted environmental regulations, disincentivized renewables and broke international environmental agreements.
Capitalism will never regulate capitalism.