Modern capitalism has become a “Radical Monopoly” and a logical fallacy.
A radical monopoly for taking the means (profits) as an end and thus a fallacy of affirming the consequent.
Smith said if you are entrepreneurial enough to get up early to knead your dough, you can sell your bread for a profit; the market’s invisible hand will prevent you from making too much of it.
In other words, if you are good for society, you can make a profit.
Today’s rich people sleep well by telling themselves: I make profits, I am good for my investors (rich people).
In Smith’s time, markets (marché in French) were places where buyers good walk and choose among sellers. The consumers were controlling the market.
Not anymore; today’s markets are virtual entities controlled by profits.
Illich’s radical monopolies were entities that always defeated the goals for winch they were initially made to attain. Capitalism was created to eliminate the monarchy and the aristocracy of the time that considered profit a sin.
Capitalism has failed since the aristocracy of today has exponentially increased by millions.
That is because the Noble Price Comity gave the 1976 Price in economics to Professor Milton Friedman for having supported the fallacy that the ultimate goal of enterprises was to produce profit for their investors.
Then, an actor reads the script, accepts the role, and delivers an academy-award performance in front of the world.
There, you have it.
But, in counterparts, this actor saved the world since, without his performance, capitalists would not have dared monopolize some 90% of the profits of the post-1980 economy, and the world would have reached the point of no return by now since, for instance, one $600 million yacht causes a lot less pollution than 12,000 $50,000 one.
The time has come for the “oligarchs’” of the world to put their money to a good cause and be good to the world by trying to save it, so their names are written on the edifice of history.
One way or another, they gonna die like everybody else.
Go figure; they are the only ones we have left for saviors.