Stephen Yearwood
1 min readJun 6, 2021

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'Capitalism' as it has always existed has been based on socializing costs and privatizing profits. That is socially inefficient in the literal (economic) meaning of that term: a misallocation of resources. The results for society are unemployment, poverty, and environmental unsustainability--in societies with the wealth to solve those problems, thanks (as Marx recognized) to capitalism. The ill-effects of those societal problems is greater than benefits ('utility') of wealth to individuals in the 'investor class'.

So the question before us is this: how can we solve those problems while retaining the productive capacity of capitalism (defined only as the mass production of goods and services for sales in geographically extended markets)? I have developed one answer to that question. It might not be the only one, but it is the only one I have seen that absolutely, positively, and irrefutably answers it--and would provide a way to eliminate taxes and public debt (as long as total government spending did not exceed its current per capita level). to boot.

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Stephen Yearwood
Stephen Yearwood

Written by Stephen Yearwood

M.A. in political economy (money/distributive justice) "Please don't confront me with my failures/ I'm aware of them" from "These Days," as sung by Gregg Allman

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