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Re:One of the world’s largest investment banks: ‘Greedflatio... by ben_w on Sunday April 09, 2023 @05:45AM (#35501219)
> late-stage capitalism

Fun fact: the phrase "late-stage capitalism" was coined about 30 years before "woke" was used by American folk and blues singer Lead Belly.

On the plus side, while the latter has only recently drifted from a specific meaning into popular flag waving, the latter has always been used by literal communists (e.g. Lenin) as a member of wishful thinking about why this time it will be different, this time capitalism really will come crashing down, this time we can all just be nice to each other and nobody needs to be nailed to anything.

At this rate, a Vogon Construction Fleet is about as likely as capitalism eating itself.

Re:One of the world’s largest investment banks: ‘Greedflatio... by zztop44 on Sunday April 09, 2023 @06:18AM (#35501356)
Capitalism is not a synonym for market economy. Capitalism is not the natural state of an economy. Like communism, it is a mode of political economy which emerged relatively recently, and if history is any guide it will be replaced by something else in due time.
Re:One of the world’s largest investment banks: ‘Greedflatio... by seunosewa on Sunday April 09, 2023 @07:08AM (#35501599)
What's the difference between capitalism and a market economy?
Re:One of the world’s largest investment banks: ‘Greedflatio... by JackFr on Sunday April 09, 2023 @07:13AM (#35501629)
Capitalism as characterized by permanent firms with private tradeable claims of ownership and separation of ownership from management is around 400 years old.
Re:One of the world’s largest investment banks: ‘Greedflatio... by zztop44 on Sunday April 09, 2023 @08:10AM (#35501971)
But other elements, such as a wage labor market and global trade not being dominated by mercantilist states, are more recent. In any case, 400 years is relatively recent in terms of economic history.
Re:One of the world’s largest investment banks: ‘Greedflatio... by lostmsu on Sunday April 09, 2023 @09:15AM (#35502424)
If you count history in transaction volume or raw number of transactions, most of it occured after 1900.
Re:One of the world’s largest investment banks: ‘Greedflatio... by ClumsyPilot on Sunday April 09, 2023 @06:01AM (#35501281)
> wishful thinking about why this time it will be different, this time capitalism really will come crashing down

Did you like miss the entire financialisation? Today is not like 30 years ago.

The amountof moneu invested in 3rd order financial derivatives dwarfs the amount of money we invest in real physical cool like infrastructure.

The amount of concentration in supply chains has also never been seen in the entire world history- many high tech good like hard disks are only made in 1 or 2 locations in the world.

Finally, crash of current capitalism does not mean we will have communism, we will just have another capitalism that is less retarded. Kind of like how we replaced the gold standard.

https://en.m.wikipedia.org/wiki/Financialization

Re:One of the world’s largest investment banks: ‘Greedflatio... by ben_w on Sunday April 09, 2023 @06:33AM (#35501416)
> Today is not like 30 years ago.

Same argument applies to someone speaking at the dawn of WW1, the great depression, Roosevelt's New Deal ending laissez-faire, WW2, the cold war, and at the fall of communism.

The first item on that list, WW1, was about 12 years after "end stage capitalism" was coined, while that blues singer singing about "woke" was around the New Deal era.

Re:One of the world’s largest investment banks: ‘Greedflatio... by jongjong on Sunday April 09, 2023 @06:13AM (#35501333)
If some people are getting handouts or bailouts, it's not capitalism.

Capitalism requires an even monetary playing field.

Re:One of the world’s largest investment banks: ‘Greedflatio... by ben_w on Sunday April 09, 2023 @10:11AM (#35502894)
> Capitalism requires an even monetary playing field.

Almost everyone — capitalist, communist, anarchist — believes in an even playing field. Half the disagreement is about what "even" (or "fair") means.

This is also why people throw the exact same criticisms in the opposite direction, at all the attempts at communism over the years: "it's not real communism because $foo, it was really just state-capitalism", which often seems to me to be a criticism of governments taking the "wrong" idea of fairness rather than connecting with the underlying social/economic presumptions backed into The Communist Manifesto.

(Personal opinion: would be nice if someone can take the points that Adam Smith and Karl Marx were observing about human nature, update with John Nash game theory, and make a new economic system that doesn't turn humans into Spherical Socio-Economic Units in a vacuum like Capitalism and Communism both ended up doing: neither money nor community are the be-all and end-all of human motivation).