You make a lot of great points here.
Tom Khoury
161

the system we have today is not even true capitalism

Quite true, but for other reasons as well. There are lots of aspects of what’s called “capitalism” today that are not capitalism at all, but which are mistaken for it and give it a bad name.

For example, a critical factor of today’s so-called capitalism is the way we deal with land. Land is considered to be capital, which is a disastrous mistake. Land is no more capital than air or water. It’s a fixed, natural resource—the surface of our planet—that is essential for life. Once it’s fenced off, owned and traded, terrible ills are unleashed—vast inequalities and distorted distributions of wealth. If capitalism were focused on what truly is capital, we would have a different view of capitalism.

Another critical factor is law. Obviously good laws are needed to ensure that wealth is distributed fairly. For example, under current laws, those who control land currently bear little responsibility to the community, being able to keep for themselves the enormous community-generated wealth associated with land. Proper laws would see landholders return to the community what belongs to the community. With such laws in place, we would have a dramatically different concept of capitalism.