> There's nothing original there, it's the business model of carpetbaggers and robber barons. How boring.
Indeed. Venture capitalism is still capitalism, with all its abuse and exploitation.
Indeed. Venture capitalism is still capitalism, with all its abuse and exploitation.
As an example, Capitalism gave us a vaccine to a novel corona-virus within a year. These companies didn’t do it out of good will, they did it because they knew they could make money. Many socialist countries are struggling because it turns out it’s hard to force people to produce innovation without the right incentive structures in place.
If you want to blame anyone blame God for making human nature this way. Capitalism is just the system that is most effective at tapping human psychology to push people to produce the best possible work.
As of July last year (again, let alone anything since), US governmental agencies had paid Pfizer $1.95 billion.
So, basically, the government spent billions for something they then distributed 'for free' to the taxpayers.
That's an interesting example to pick for 'capitalism'.
Just because it was the government that paid them, why isn’t that capitalism?
Socialism and Communism is when you tell people what they’ll charge for the greater good of the people. At least that’s what it is to me, someone from a former communist country.
Edit: not only did those companies get paid to invent it, but others got paid to make it, and yet others got paid to distribute it (pharmacies etc).
Really? I would have expected something a bit higher than $20-$25 a dose, given the limited supply (it was pure research at the time), and COVID was decimating the country (so extremely high demand). I mean, a single dose of insulin, requiring no research, and no protective IP, and costing cents to produce, will run you or an insurance company hundreds of dollars. Given the huge demand, and the non-existent supply at that time, there is -nothing- in the market that would have capped the price for the vaccine at $20-25, except either human good will (which is not a market factor; again, see insulin), or the very real threat of government action.
>> At least that’s what it is to me, someone from a former communist country
And voting Republican is what Democracy means to plenty of people living in the US. If we actually go to what the dictionary definition of socialism is, rather than a particular interpretation or lived experience of something called it, it's "(a political system wherein) the means of production, distribution, and exchange should be owned or regulated by the community as a whole".
The governmental decision to offer something for free to everyone is a socialist one; the use of government regulation as an implicit threat to pay what is reasonable to offset cost, rather than what the market could dictate, also speaks to socialism. Yes, it was a private company that produced it, but both the exchange and the bulk of its distribution are very much being carried out by government, and even where not, are being very tightly regulated by government. All of that in response to community need and desire, not merely the strictures of the market (which otherwise would have seen a major profit opportunity).
I might have extrapolated the benefits of a capitalist system too far.
But the main point still stands I think, the response to the above comment and the fact that it is very much those strong incentives that drive much of the innovation in our society today. It is not someone forcing someone to do something or pure good will that lead to these results.
Most vaccine development occurs in academic research institutions, even if the large-scale manufacturing is then taken up by the capitalists. For example, the Covid vaccine manufactured by AstraZeneca was created by and innovated upon by a vaccine research group in Oxford University, who are obviously not in it for making vast wads of cash. And in general, it's the state who funds vaccine development, and the state who buys the vaccines.
On the broader subject of medicine, capitalism also gives us harsh enforcement of supposed 'intellectual property rights', stymieing the availability of medicines in developing countries. Fortunately, it looks like this will be waived for Covid vaccines, thanks to some government intervention. But it shouldn't have to be this way. Jonas Salk had the right idea when he released his polio vaccine freely to the world, to benefit all, without profit motive.
You realize Cuba also produced a vaccine within one year. So did China; though some people consider Dengism a kind of capitalism, so who knows, good for you, maybe.