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The birth of the essential economic model to save the world
We need a new economic system, one that doesn’t exist yet. Right now, all the models focus on wealth creation and who gets it. Each model has adherents who try to persuade people that their model is fair and practical and right. And generally, that the other model is evil and, perhaps, doesn’t really work.
There are “ideal” versions of these economic systems — Adam Smith’s capitalism and Karl Marx’s communism. To any reasonable observer, the economic systems operating in the actual world bear, at best, only a slight suggestion of those ideal models.
Various ideologues claim that, yes, their system in practice falls short of the ideal, but it’s the best we can do. Or, yes it falls short, so we need to do better. Let’s tweak it.
For example, libertarians might argue that existing government regulations and taxes must be scrapped, and then our new improved capitalism will be more like the ideal. And everyone’s lives would be better.
I don’t think any of this is credible. Production and human activity under capitalism, communism and whatever you want to call the dominant economic systems of the world, encourage endless extraction and burning of fossil fuels and are bringing our civilization speedily to unprecedented suffering and destruction.
