re: Discussing the launch of Libra, "A new global currency" VIEW POST

re: The whole principle of capitalism is that the selfish profit motivation produces a better outcome for the whole. All the evidence seems to show tha...

No. The whole principle of capitalism is that selfish profit motivation produces a worst outcome for the whole. The global climate crisis and the massive species extinction that comes with it is the direct byproduct of capitalism.

Capitalism is effective in privatizing profits and letting all the costs on the side, where they can or cannot be absorbed by public or, in the case of the environment, natural entities.

Agree 100% in that capitalism's toxicity has passed the point of no return. Though the OP of this comment is correct in stating that the premise of capitalism is it ostensibly "benefits" society when people are incentivised to act selfishly (this is the sentiment pushed by capitalism purists).

The problem with this narrow-minded view is it's treated like a fundamental law by economists even though it's very clearly flawed. Just look at climate change contributing to the massive bushfires in Australia or the huge inequality gap in 2020 (there were ~150 billionaires in the 1990s; today there are ~2500, but the quality of life for most people has not moved), to see how people acting selfishly really just destroy society in the long run.

On that note, I'm happy to take advantage of Facebook's other open-source contributions (e.g. React) but I would never contribute to or use Libra - purely for moralistic reasons.

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