i) Capitalism almost always promotes short-term gains. That’s why newsmax.com, breitbart, fox news crush NY Times, NPR in terms of profitability
That is not capitalism’s fault actually. An economic system will NOT by default correct human deficiencies and biases and social mistakes. Capitalism is not a philosophy of good.
ii) Capitalism almost always exploits Human’s Irrational Behavior. Left to itself, the market will optimize for Blackjack, Hookers and Drugs
Not capitalism, other humans exploit it. Capitalism is a system of economic rules but the fact we exploit irrational behavior for profit is a matter of lacking regulation and also going back to your number one, the fact that many people believe wrongly that capitalism is a sort of economic religion instead of a valid economic game.
iii) Capitalism almost always doesn’t capture true value of the creators.
The only difference why Mark Zuckerberg is worth $50B while Linus Torvalds and Jimmy Wales aren’t is because Zuck exploited Human Irrationality while Jimmy/Linus created a longer lasting, higher-value-to-society.
Linus and Jimmy did not participate in the capitalist economic game. Mark did. Mother Teresa or any modern day saint will not get economic rewards because they are not playing the economy game. People who participate in the socialist economic game have a different set of rewards which is more important to them! Your point is valid in one way though: there is very little interest invested in the field of economy to generate a model (an economy game) in which non profit work to be more socially viable as a life pursuit.
iv) Capitalism almost always underpays true value creators — mothers, teachers, mentors are massively underpaid compared to the guys who sell SnakeOil, MBS, CDS
Same as above, certain classes of people are not in the game, they do not participate. Also:
- economic worth of education is down
- economic worth of children is down (a leading cause of low natality)
- mentorship is a form of self development not altruism
Capitalism is not a universal solution to ALL humanity’s facets, problems and existence.