Does the Bitcoin frenzy make any sense at all?
Zimmer, Tyler http://socialistworker.org/2018/01/03/does-the-bitcoin-frenzy-make-any-sense-at-all
Date Written: 03/01/2018
Year Published: 2018
Resource Type: Article
The author explains how the strange story of a "crypto-currency" reveals the underlying irrationality of a system that is designed to work for the rich only.
Defenders of capitalism are fond of saying--often in a smug, patronizing way -- that critics of the system simply don't "understand how markets work." If only we'd just let capitalism work its magic, perfectly efficient allocation would result -- everyone would get exactly what they deserve (and no more), and society would enjoy optimal outcomes for all.
Needless to say, this isn't the way capitalism actually works.
The obvious example to point to would be the 2007-08 global economic meltdown, but we might just as well reference the fact of stagnant real wages for workers, soaring income and wealth inequality, and steadily worsening ecological destruction, to name only a few examples of capitalism's ills.
© 2018. The information provided is copyright and may not be reproduced in any form or by any means (whether electronic, mechanical or photographic), or stored in an electronic retrieval system, without written permission of the publisher. The content may not be resold, republished, or redistributed. Indexing and search applications by Ulli Diemer and Chris DeFreitas.