"Capitalism is the only system that has a proven track record of bringing people out of poverty."
Not sure about that. Stalin may have achieved economic growth of 500% over 13 years - more than China.
The problem with socialism/communism is that you don't have a market. Besides lacking of incentives, feedback loops etc., you basically don't have a way to price goods. Not market, no prices. All these systems will fail in the long run.
This being said, a capitalistic system relies on expansion of credit (actually one point, in which good old Mises was wrong). Credit is always a ponzi scheme. If credit expansion stops, the whole system will collapse. What we currently see is the prevention of system collapse by the western government. People are maxed out and the gov, as a lender of last resort, goes into debt. This will not end good. I doubt that significant growth can be achieved anymore in western countries. So communism has failed but capitalism does not look very good either, at least in the west.
I doubt that significant growth can be achieved anymore in western countries
Then you should start an investment portfolio that broadly shorts Western bellwether stocks. You'll make a killing if you're right. Make sure you diversify your profit into non-Western countries so that you can keep those gains.
> a capitalistic system relies on expansion of credit
How did you get to this generalization? Just because the most prevalent current brand of capitalism works this way, it doesn't mean it's the only way it can work, or that when "expansion of credit" will stop capitalism will collapse.
Not sure about that. Stalin may have achieved economic growth of 500% over 13 years - more than China.
The problem with socialism/communism is that you don't have a market. Besides lacking of incentives, feedback loops etc., you basically don't have a way to price goods. Not market, no prices. All these systems will fail in the long run.
This being said, a capitalistic system relies on expansion of credit (actually one point, in which good old Mises was wrong). Credit is always a ponzi scheme. If credit expansion stops, the whole system will collapse. What we currently see is the prevention of system collapse by the western government. People are maxed out and the gov, as a lender of last resort, goes into debt. This will not end good. I doubt that significant growth can be achieved anymore in western countries. So communism has failed but capitalism does not look very good either, at least in the west.