Kyle Montanio on Nostr: Another debunked idea still pushed in mainstream #economics is that capitalism leads ...

Another debunked idea still pushed in mainstream #economics is that capitalism leads to democracy - some even go as far to say capitalism is a necessary condition of democracy.

This is just cold-war era propaganda that still occasionally shows up in econ classrooms to this day. If anything, unfettered free-market capitalism almost necessarily devolves into oligarchy, rather than bolstering democracy, as the biggest companies in the world are showcasing well as we speak.

https://www.theguardian.com/business/2024/sep/23/amazon-tesla-meta-climate-change-democracy