this post was submitted on 12 Dec 2021
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It truly is a system with no redeeming qualities.
I think one could argue that technological progression is incentivized more in a capitalistic system (at least until oligarchies are established and start indirect collusion), and I tend to agree. However, the cost of extreme exploitation of not only the employees, but the customers and the environment is 100% not worth an increased rate of "progress" if that even is the case, in my opinion.
There's a pretty good argument to be made that the opposite happens in practice especially in terms of any meaningful innovation. It's also worth noting that a lot the innovation is outright harmful. For example, stuff like planned obsolescence, adware, and user tracking are all examples of harmful innovation driven by capitalism.
It's also worth noting that USSR managed to go from being an agrarian society to first in space without any need for capitalism. It was consistently innovative and had many world firsts under its belt.