Gerald Cohen details the failings of capitalism here. It's hard to disagree with his reasoning; capitalism is at best a flawed, indirect, inefficient, unequal economic system.
Whilst Gerald believes that the capitalist system itself promotes unsatisfiable demand, I do not believe this to be true. Rather, I believe that capitalism exploits a weakness of human nature - the incessant need to attain social prestige through, amongst other things, material wealth.
In any case, is there a better economic system? I don't think so, and I doubt we will ever know. Thus, the task becomes the optimization of capitalism through regulation, redistribution, and so forth.
HT: Club Troppo.
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