Commentary
There is a common belief that free-market capitalism promotes short-sightedness. It is argued that the competitive nature of the free market compels capitalist enterprises to prioritize immediate profit over long-term vision for a better future.
Saito criticizes capitalism for disregarding the voices of future generations, shifting the burden of environmental damage to the future due to its focus on short-term gains.
He also highlights the negative impact of capitalism on agriculture, where short-term profit motives often lead to neglect of soil maintenance and sustainability.
While Saito’s arguments against capitalism have merit, they overlook a key flaw common in critiques of capitalism. These critiques often blame the economic freedoms of capitalism for failing to solve problems that other systems address even less effectively.
Saito does not provide a clear explanation of how government officials in alternative systems would be better incentivized than private property owners to consider long-term interests.
This dilemma is evident in real-world examples, such as the mismanagement of fisheries due to multiple independent parties competing for resources, resulting in depletion and loss of value.
The responsibility of taking and managing, of exploiting property while in authority, falls on government officials. Therefore, it can be concluded throughout the history of capitalism, or observed from current data, that Saito’s pessimism towards the outcomes of free-market capitalism is unfounded.
Moreover, thanks to privatization, rather than in spite of it, the global per capita daily food supply has increased from 2,181.25 kcal in 1961 to 2,959.11 kcal in 2021. Similarly, annual climate-related deaths have decreased from 1.27 million in 1900 to just 86,500 in 2023. These positive trends demonstrate the benefits of free-market capitalism.
It is essential for individuals like Saito to stop glorifying coercive government power and instead hold it accountable to the same level of scrutiny as private capital.
Please note that the opinions expressed in this article are solely those of the author and may not align with the views of The Epoch Times.
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