One can argue that we have two kinds of capitalism. And that would be true for the classic, theoretical capitalism.
However, the modern one favors short term profit and stock prices. Which do not care if economies collapse in 20 years due to global warming, as long as the profit is good now.
Why should they care? In 20 or 30 years most of stockholders would be dead anyways. And not being hypocritical here, I probably do the same in their positions, as most of the people.
One can argue that we have two kinds of capitalism. And that would be true for the classic, theoretical capitalism.
However, the modern one favors short term profit and stock prices. Which do not care if economies collapse in 20 years due to global warming, as long as the profit is good now.
Why should they care? In 20 or 30 years most of stockholders would be dead anyways. And not being hypocritical here, I probably do the same in their positions, as most of the people.
Therefore its a systematic failure of modern capitalism. As it is not accounting externalities