By and large, no. So-called capitalist economies are actually mixed economies and do contain some elements of economic planning. Some industries are more amendable to centralized planning than others. But these economies are still largely market oriented on the whole. Even the supposedly socialist economies in the USSR and China have participated in world markets, which is one of the reasons they weren’t even more dysfunctional than they were.
Markets have a lot of flaws (at least as currently designed) but they are very efficient ways to aggregate information and make collective decisions without any top-down decision-maker. There’s no clear and obvious replacement for them. I think if there was we would have adopted it already. But they are also drivers of tremendous environmental destruction and human suffering, so I do encourage discussion of alternatives… just not ones that are well understood to not work for most use cases.
Breaking news, capitalism operates off of planned economies. More at 10.
By and large, no. So-called capitalist economies are actually mixed economies and do contain some elements of economic planning. Some industries are more amendable to centralized planning than others. But these economies are still largely market oriented on the whole. Even the supposedly socialist economies in the USSR and China have participated in world markets, which is one of the reasons they weren’t even more dysfunctional than they were.
Markets have a lot of flaws (at least as currently designed) but they are very efficient ways to aggregate information and make collective decisions without any top-down decision-maker. There’s no clear and obvious replacement for them. I think if there was we would have adopted it already. But they are also drivers of tremendous environmental destruction and human suffering, so I do encourage discussion of alternatives… just not ones that are well understood to not work for most use cases.