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Michael A Alexander's avatar

I agreed with most of your assessments until Markets. Andreson is a financier. For him progress is growth in the size of his portfolio. And under SP culture this is the objective of American capitalism.

https://mikealexander.substack.com/p/the-capitalist-crisis

But a rising S&P 500 index is not the same thing as progress as I (or I believe you) see it. Market-based capitalism *can* be a major source of progress, but only if the capital it accumulates is the productive sort (i.e. that which when combined with labor produces higher productivity). Capital defined as "that which is valued by the stock market) produces nothing, does nothing, and cannot be a route to progress as you see it.

And this latter kind of capital is what SP culture accumulates.

https://mikealexander.substack.com/p/how-economic-culture-evolves

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