Economy’s are living breathing things. It’s best to go with what has worked throughout the course of time rather than make the same mistakes that have been tested and already failed
Because economies are “living breathing things” — they change over time, develop, age and can even die. Over generations large economic institutions and even the capitalist system itself needs to be reborn, and new laws must be developed to deal with new contradictions. Just like every farm and business dies or otherwise becomes interconnected to the larger whole, national economies are integrated with others. This creates whole new physical realities and money circulatory systems.
I don’t want to simplify matters. You probably agree our present “crony capitalist” system is utterly corrupt at many levels. It’s historic nature has changed profoundly. In my opinion classes and individuals
without capital today, especially if they lack other supportive social or institutional structures, are lost in modern society. They are like babes alone in the woods, essentially doomed.
There is no built-in guarantee that “modern capitalism” under a national state umbrella of law can work in the future for the great majority of mankind. Stronger international structures of law and trade and a much more powerful social democratic safety net must be extended to the whole human community.
The solutions can’t just be “Unemployment Insurance” and “a high minimum wage” .... of course. But traditional opportunities are disappearing for too many in our high-tech, automated, globalized economy. Demands for “Jobs or basic income,” higher wages, universal medical care, free (equal opportunity) education — these are reasonable and inevitable demands for those left at the bottom of society. The elites who run our corporations and states ought to pay more attention to the welfare of those at the bottom, just as they must pay attention to those in the middle ... being driven to the bottom.