Sedgley Gold N Black
Just doesn't shut up
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It depends on the definition of capitalism.
There’s only really one though, the means of production is in private hands and utilised for profit.
And you’ve just summed up why capitalism is not sustainable in the long run.Once there are more people than jobs (probably already at that point) who then pays the government to pay us? As governments don't have any money only that which we give them where will the taxes come from?
That can only come by taxing the robot-run businesses who will be making bigger profits (due to investing in technology which pays for itself over time unlike many staff, where costs only rise). Not only will they have to be taxed more heavily probably, it will be crucial no one escapes paying. Not a pretty scenario.
The same, in theory though also applies to state subsidised institutions such as the NHS. Technology should bring down the cost of running it, at least by having Robots doing much of the primary care. What happens to drug prices though? Many drug companies invest in research/development of new drugs. They then charge eye watering amounts for them. What happens with that issue is anyone's guess.
There will still be customers for those companies products in the 'free market' but will those customers be able to afford only the basics, due to the universal income being little more than the current amounts given with the benefits system? Meaning there isn't a market for many products, those companies diversify or pack up, the latter meaning there is even less tax revenue to pay the universal income.
Perhaps,in a couple of centuries time, humanity will have had to evolve a totally different method of living. Perhaps everyone goes back to living off a given strip of land to grow crops on. Who knows. Back to the future?
If the community or society owned those means of production, robots, and they were utilised for everyone’s equal benefit, do we need to go back?