Capitalism is an economic system that functions within a free market system and in which private individuals or businesses own capital goods. Period. To blame climate change and extinction events on capitalism is not appropriate for several reasons, but the primary reason is that the known causes of these crises are not rooted in the aspects of capitalism that separate it from other modes of free-market economics. Capitalism depends on the existence of a government and regulation, and in practice, all “capitalist” countries today are mixed-economies that are driven heavily by lawmakers policies.
So if you are blaming the economic engine for causing bees to disappear and the world to heat up, you need to say that it’s free-market economics, which is a broader concept then the most common form of global capitalism. This is a dangerous course to chart because the alternative to a free market is a centrally planned economy, which as we’ve seen, usually leads to terrible outcomes.
That said, I never said capitalism wasn’t the problem, I said we can’t know, and therefore, we cannot know that socialism is the solution. I do argue that there is more evidence to support that capitalism is a better system for the world than socialism, and I stand by that.
I agree with you about financial profit being a major problem, however, I argue that this isn’t a cause of socialism, it is the result of how the global financial system perceives value. The global financial system terrifies me, and in many ways, it seems like a modern oligarchy hell-bent on world domination. But again, that’s the economic model, that’s a specific industry that has turned capital into a commodity, and pushed governments to pass laws that serve their purpose. Even this reality didn’t come about solely because of personal greed. The story of J.P. Morgan, for instance, provides excellent insight into how we got here today, but ultimately there definitely is a serious issue.
But I’m not ready to discard an entire economic philosophy that has brought more prosperity to the world than any other force in human history, simply because a few bad actors have found a way to exploit it. Socialism isn’t the answer, not people who they are socialists, but actual socialism, which is what the Democratic Socialists in America are calling for. A move in this direction would be unprecedented.