The "free" market doesn't innovate, at the very best it creates redundancy.
Competition drives innovation. And capitalism has the most competition. This is not to say that socialism and capitalism are mutually exclusive though. The US, for example, is too capitalist for my liking but the free market there certainly does innovate.
A "social market economy" like Germany has it is pretty spot on IMO.
The Soviet Union led the space race, the Soviet Union made many innovations without the need for competition
They were very much competing (against the USA) in the space race, why else would it be called a "race"? There may be no proof for my statement about competition driving innovation but would you just innovate for the sake of innovating without any rewards? I would not...
Also, I do notice that monopolies tend to be less innovative than multiple competing businesses in a market.
2.Agreed but if something is completely redundanty it will die out in a capitalist market and more importantly, what would be the incentive to innovate at all if we had one monopoly?
Completely agee on this one and I do think there should be regulations regarding the market (not like in the USA for example).
high amount of homeless people.
Because it doesnt work like its supposed to, but from a theoretical point of view, they all have the right to food and shelter and everything they need to keep their dignity...
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Competition drives innovation. And capitalism has the most competition. This is not to say that socialism and capitalism are mutually exclusive though. The US, for example, is too capitalist for my liking but the free market there certainly does innovate.
A "social market economy" like Germany has it is pretty spot on IMO.
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They were very much competing (against the USA) in the space race, why else would it be called a "race"? There may be no proof for my statement about competition driving innovation but would you just innovate for the sake of innovating without any rewards? I would not...
Also, I do notice that monopolies tend to be less innovative than multiple competing businesses in a market.
2.Agreed but if something is completely redundanty it will die out in a capitalist market and more importantly, what would be the incentive to innovate at all if we had one monopoly?
Because it doesnt work like its supposed to, but from a theoretical point of view, they all have the right to food and shelter and everything they need to keep their dignity...