Capitalism: Infinite Growth in a Finite World

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Modern capitalism is based on the premise of infinite growth¹. But we live on a finite planet and, despite the best efforts of some companies², it isn’t really sustainable to sell virtual items as a replacement for physical goods.

Capitalism from a “Well-Read” Perspective

I feel that I have a fairly strong grasp on reality and the way the world works. But I’m not an economist or political scientist. So, as a fun experiment, I decided to have the most well-read machine on the planet answer the question, “What is your opinion on the sustainability of capitalism in the United States?”

I used ChatGPT-3.5 by OpenAI. It’s responses are marked “CGPT” below.

Preamble

CGPT: I don’t have personal opinions or beliefs, but I can provide you with some insights on the topic of the sustainability of capitalism in the United States based on historical and economic perspectives.

The sustainability of capitalism in the United States has been a subject of ongoing debate among economists, policymakers, and scholars. Capitalism, as an economic system, has shown remarkable resilience and adaptability over the years. However, its sustainability depends on various factors, including government policies, economic trends, and societal values.

Me: I feel like the AI is designed to do a fairly good job at not swaying too far left or right. Though I do think both extremes would feel it is biased in the opposite direction.

Historical Resilience of Capitalism

CGPT: Capitalism in the United States has endured through periods of economic crises, wars, and social changes. It has demonstrated the ability to adapt and evolve in response to challenges.

Me: I feel like this answer is inaccurately worded as being in favor of capitalism. In reality, the resilience is in the United States’ policies of mixed economic systems during times of economic crisis and wars, which have leaned heavily socialist.

Many of FDR’s New Deal policies during the Great Depression were and are seen as socialist in nature³.

Further, economists believed that price controls and rationing during World War 2 were unnecessary intervention in a free market⁴.

Government Regulation

CGPT: The role of government regulation and intervention in the economy plays a significant role in shaping the sustainability of capitalism. Regulations can help mitigate market failures and ensure fair competition, which can contribute to a more sustainable form of capitalism.

Me: This is an explicit example of a failure of a pure capitalist system. If it needs government regulation, it’s not pure capitalism.

In a pure capitalist system, private businesses compete in the market without any interference from the government.

The Economic Times⁵

But America’s history is riddled with examples of corporations putting profits over people^{6 7 8}, and these actions require oversight.

Income Inequality

CGPT: One of the criticisms of capitalism in the United States is the growing income inequality. If left unchecked, extreme income inequality can lead to social unrest and undermine the long-term sustainability of the system.

Me: I don’t feel like this needs to be elaborated on any further. Except to say, I think the economic structure we have in this country of corporations and politicians teaming up against the working class has been very effective in quelling social unrest⁹.

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Environmental Concerns

CGPT: Capitalism’s focus on profit and growth has sometimes been criticized for its negative impact on the environment. Sustainable capitalism would require addressing these environmental concerns and incorporating more responsible business practices.

Me: I linked to the EPA’s post about the 50th anniversary of the Times Beach disaster. The article itself glosses over the corporate negligence involved, but it leaves enough clues.

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Companies in nearby Verona, Missouri were producing chemicals that left behind the waste byproduct dioxin. These companies left the toxic chemical in containers on site allowing a local man to handle the disposal of them.

This man, a waste oil hauler named Russell Bliss, was blamed for mixing the dioxin with his waste oil to spray on the dirt roads around Times Beach to quell the dust.

Until people started getting sick and then a flood carried the chemicals far beyond the roads.

Bliss takes most of the heat for this, but several corporate representatives were also found liable. Although, I can’t find their actual punishments.

Social Safety Nets

CGPT: The provision of social safety nets, such as healthcare, education, and unemployment benefits, can influence the sustainability of capitalism by providing a safety net for citizens and reducing economic insecurity.

Me: Once again, the AI is advocating for socialist policies to mitigate the inability of unfettered capitalism to attend to the needs of all people.

Technological Change

CGPT: Capitalism has been greatly influenced by technological advancements, which can disrupt traditional industries and create new opportunities. Adapting to technological change is crucial for the system’s sustainability.

Me: This is true of any system. But technological advancement under capitalism can mean immediate destitution for workers that are replaceable by that technology. Whereas, in a “less pure” form of capitalism, the negative effects can be mitigated.

Also, this feels like a little jab from the AI. “You’re replaceable you know!”

Who knew they designed AI with ego?

Public Opinion

CGPT: Public attitudes and perceptions about capitalism can shape its sustainability. A system that is widely seen as fair and providing opportunities for all is more likely to be sustainable in the long run.

Me: And here we come to the real lynch pin.

Fairness.

The current system is far from fair. And the working class is slowly starting to realize this and push back. Dialogs, memes, and more tangibly, by unionizing and striking^{10 11 12}.

Conclusion on the Sustainability of Capitalism

CGPT: In summary, the sustainability of capitalism in the United States is a complex and multifaceted issue. It has shown resilience over time, but its future sustainability depends on how well it addresses challenges like income inequality, environmental concerns, and the changing economic landscape. Additionally, government policies and societal values will play a crucial role in shaping the future of capitalism in the United States.

Me: We’re at a tipping point. I’m not going to make any predictions about what’s going to happen or when, because my ideals and my cynicism are at odds. And my crystal ball is in the shop.

Mike’s Final Thoughts

This conversation with ChatGPT was not meant to “prove” anything. It was an exercise in getting a perspective from something/someone better read than myself.

I acknowledge that a majority in the machine language industry likely lean left, so there is likely some bias.

But, overall, I walk away from this encounter feeling that our current economic system is unsustainable.

This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
For Commercial use, please contact Mike York.

1. Is Investing Premised on a Myth of Infinite Growth? fool.com ↩︎
2. TikTokkers Are Selling VR Clothes YouTube.com ↩︎
3. What FDR Understood About Socialism That Today’s Democrats Don’t politico.com ↩︎
4. Mises on Rationing and Price Controls in WW2 libertyfund.org ↩︎
5. What is ‘capitalism’ IndiaTimes.com ↩︎
6. A Town, a Flood, and Superfund: Looking Back at the Times Beach Disaster Nearly 40 Years Later epa.gov ↩︎
7. The forgotten history of how automakers invented the crime of “jaywalking” vox.com ↩︎
8. Deepwater Horizon – BP Gulf of Mexico Oil Spill epa.gov ↩︎
9. Some rail workers say Biden “turned his back on us” in deal to avert rail strike npr.org ↩︎
10. Information about UC-UAW negotiations and a UAW strike UniversityOfCalifornia.edu ↩︎
11. Political scientists confront real world politics dealing with hotel workers strike npr.org ↩︎
12. Auto workers expand their striek to 38 locations in 20 states. Biden plans visit to show support APNews.com ↩︎

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