this post was submitted on 17 Aug 2023
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That's one of the main fallacies of capitalism apologia: assuming that the market is free and inherently fair.
In reality, the "market wage" is the lowest amount that the company can possibly get away with while retaining its workforce. Conversely, the market price for a product that workers buy is the HIGHEST profit margin possible without hurting sales and the number one priority is always profit for owners/shareholders.
As for the market being free, that's literally impossible: without the presence of government regulations and unions to constrict them, the most powerful forces constrict the less powerful.
You either have tyranny of the already rich and powerful corporations or limits to their freedom being imposed. The American system leans heavily towards the tyranny end, which severely stifles the freedom of workers.
What you said is not wrong. Each economic lever is a negotiation with sentiments. The government could impose more stringent regulations. I believe it has to with regard to monopoly-busting and possibly doing some salary-policing, but I don’t feel that the system should be thrown out. It has spawned countless innovations by providing the incentive that people can be rewarded handsomely for their creativity and entrepreneurship. If you don’t like corruption, vote it out.
There's another fallacy: equating innovation with incentive and incentive with money.
People will innovate for countless other reasons than financial compensation, the main reason being to improve the lives of themselves and others.
The inventors of synthesised insulin sold the patent to a public university for $1 because they never wanted anyone to die because they couldn't afford it. Predatorily capitalist big pharma sure put an end to THAT dream.
And voting out corruption is a good idea in principle, but in a two party (actually two private corporations masquerading as political parties) system that's as corrupt as the American one, it's very rare that you're even ALLOWED to vote for anyone who's not bought and paid for by billionaires and their corporations.