• fubo@lemmy.world
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    1 year ago

    The weird thing is, these information asymmetries make capitalism less efficient than it would be with less asymmetry. They don’t serve the interests of capital; they serve the interests of management.

    • Semi-Hemi-Demigod@kbin.social
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      1 year ago

      We’ve stopped being capitalist a long time ago. Now we have corporate feudalism. We prop up old companies, tamp down on startups, and do our best to make sure companies make most of their money from rent seeking.

    • queermunist she/her@lemmy.ml
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      1 year ago

      Marx characterized this as “anarchy of production” - without centralize control, the whims of the market inevitably undermine economic growth. It’s what causes the boom and bust cycles.

      • fubo@lemmy.world
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        1 year ago

        I think Marx also underestimated the class interest of the managerial class, which shows up rather vividly in actually-existing socialisms as well. Principal/agent problems are a doozy.

        • queermunist she/her@lemmy.ml
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          1 year ago

          Maybe.

          I think Marx underestimated the class divisions created by colonialism between colonizers and the colonized. It turns out that settlers could be bribed with the superprofits created through the superexploitation of colonized people. It took later theorizing by Lenin and Mao and Fanon and Du Bois to advance theory to that point.