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Comment by Jensson | Hacker News Reader

> Quakers built plenty of capitalistic entities that were primarily interested in profit but cared more for the long term with more of an eye on social and spiritual purpose.

And those were replaced by profit seeking enterprises, that is capitalism. Sure some try to create such benevolent entities, but the profit seeking ones out-competes and replaces them over time, that is how capitalism works.

So you can temporarily have a nice company here and there, but 50 years later likely it got replaced by a profit seeking one. The only way to get pro social behaviors from these is to make pro social acts the most profitable via regulations, but its still a profit seeking enterprise that doesn't try to be benevolent.

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yeah that's because we allowed aggressive takeovers, especially leveraged ones. They got replaced by extractive capitalism due to a lack of regulation, not just because "capitalism".

The extractive profit seeking entities don't "out-compete" they just use their capital in unregulated conditions to strip mine economies and poison capitalism to become sociopathy. Letting that happen is a choice, letting it continue is a choice.

Yet if you advocate for regulation you are immediately attacked by billionaires and massive companies and people who think those two groups benefit them more than the regulations protecting them. These groups bring unbelievable sums of money to bear to influence policy and public perception to make sure they are as under-regulated as possible.

“Regulation” is a four letter word in the US. Look at the hostility we see on HN whenever it comes up with AI .

Which is why our democratic systems need to provide solutions because they're places where we still have power. I'm from the UK and an increasing amount of our economy is locked up in exploitive equity extraction, much of it US based. Its really bad in some fields (e.g. care homes, foster homes), where the entities are straddled with such debt that the orgs "have no choice" but to charge sky high rates while paying peanuts. At some point I'm sure it will break and our politicians will "break the rules" in order to reign in private equity and sour their investments.

It used to be the case that we permitted these excesses because they guaranteed our security, but now that recent US governments have shit the bed on that one; there's considerably less of a need to tolerate it.

It's been going on since forever. The first people the British enslaved were their own kind, they just managed to create a society where citizens enjoyed the authority, and naturally the fruits of pillaging half the world did trickle down back then.

If you think about PFI etc. and how those contracts were crafted, it's no different to what happened to the UK's oil. That didn't eventually go to the citizens like Norway. Every last bit of the UK is being extracted now.

> The extractive profit seeking entities don't "out-compete" they just use their capital in unregulated conditions to strip mine economies and poison capitalism to become sociopathy

So they did out-compete them? You saying they won using unfair ways doesn't change the fact that they out-competed the other companies.

Capitalism will use any means available to out compete others, I don't understand why you try to argue against this. You just say "but if we restrict the means available its fine", that means you agree with me, so I am not sure what you disagree with.

> So they did out-compete them?

Having more money doesn't necessarily mean "out-compete". Its not that they're delivering a better product, more loyal customers or better branding. Its simply that they put down more capital at a given point, and were allowed to buy the company, despite its owners not wanting to sell. In most cases they didn't even have money, its simply because they obtained significant financing from money brokers by selling them on plans of sociopathy.

> I don't understand why you try to argue against this.

because you're trying to squash this into "capitalism bad". We get to make choices, we're making shit choices. You don't have to upend the whole system to undo these choices, you just have to have the spine to regulate and break up existing structures.

> because you're trying to squash this into "capitalism bad".

I never said "capitalism bad", I said it optimizes for profits and that it gets better at that over time, that is not bad or good, that is just what it does.

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