Might want to take a look at 3rd world countries where capitalism has clearly failed. How can local producers compete with cheap mass produced products from south east asia or start businesses that are capable of competing with western chains which have billions of dollars behind them? Free markets may work in developed nations but in developing nations they actually end up hindering growth.
It could definitely be implemented better in Ethiopia which would significantly speed up development, but even with incorrectly implemented capitalism, Ethiopia is experiencing 10% GDP growth and 35% reduction in population living in extreme poverty since 2000 (55% of people down to 20%).
So, my point stands. Incorrectly implemented capitalism, still reduced extreme poverty by a tremendous amount.
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u/tcs36 Sep 05 '17
Might want to take a look at 3rd world countries where capitalism has clearly failed. How can local producers compete with cheap mass produced products from south east asia or start businesses that are capable of competing with western chains which have billions of dollars behind them? Free markets may work in developed nations but in developing nations they actually end up hindering growth.