I would argue capitalism is bad in nature, but people confuse free markets as being inherit to capitalism, which it is not.
Capitalism at its core is about ownership, in that those with money own a thing and thus make the decisions. This results in an Oligarchy controlling the market.
Communism in contrast is about collective ownership in that those that produce, own and make the decisions. However in practice, that ownership get usurped by “the state” which basically translates to an oligarchy through control of the market.
This is why I like the term, free market socialism. Ownership should be held by the producers, but the state should not control the market. The role of government in the market should be limited to monopoly prevention.
The state ownership of production is deliberate, and aimed at improving efficiency and allowing forward planning. One (or a few, if you want competition) large factory is more efficient than a bunch of smaller workshops. State ownership can lead to corruption, as you pointed out, but it is a conscious choice and not happenstance.
I would argue capitalism is bad in nature, but people confuse free markets as being inherit to capitalism, which it is not.
Capitalism at its core is about ownership, in that those with money own a thing and thus make the decisions. This results in an Oligarchy controlling the market.
Communism in contrast is about collective ownership in that those that produce, own and make the decisions. However in practice, that ownership get usurped by “the state” which basically translates to an oligarchy through control of the market.
This is why I like the term, free market socialism. Ownership should be held by the producers, but the state should not control the market. The role of government in the market should be limited to monopoly prevention.
The state ownership of production is deliberate, and aimed at improving efficiency and allowing forward planning. One (or a few, if you want competition) large factory is more efficient than a bunch of smaller workshops. State ownership can lead to corruption, as you pointed out, but it is a conscious choice and not happenstance.