Against Capitalist Utopianism~ A Mutualist Rebuttal
A take on article: Capitalism, the Keystone of Modern Prosperity
I felt compelled to write this after an X post I posted about Jonas Salk went viral. I mentioned how he didn’t patent the polio vaccine not as an act of anti-capitalism, but as a gesture rooted in human solidarity. The replies were intense. I was called names, accused of being naive, even labelled anti-progress. That is fine.
This short essay isn’t a response to trolls. It is an attempt to articulate how I view this long-standing debate over capitalism and why I believe it deserves deeper scrutiny.
Before diving into my response, I would recommend reading the article that prompted it: “Capitalism, the Keystone of Modern Prosperity” published by the Cato Institute.
The arguments below are not a rebuttal to the author personally, but a critique of the worldview the article represents.
Cherry-Picked Data and Lack of Granularity
The article cites macro-level trends like poverty reduction and innovation, but fails to disaggregate data by country or policy framework
Many of the fastest-growing economies (e.g., China, Vietnam, Bangladesh) have mixed economies with strong state-led interventions not free-market capitalism in the pure sense
Africa’s modest gains have largely come from debt relief, NGO efforts, and limited resource exports not from a robust capitalist transformation
Claim without granularity is ideological, not analytical
Neglect of Exploitation and Inequality
No mention of labour exploitation, informal sector precarity, or worsening working conditions in gig economies
The wealth gap has widened dramatically, even in so-called capitalist success stories like the US and UK (and even in India~ one of the most unequal countries)
Capitalism’s “efficiency” often externalizes costs on the environment, workers, and future generations
If capitalism lifted millions, it also pushed millions into precarity
Oligarchy by Another Name
The article critiques socialist regimes for elite control, but ignores how capitalist democracies are increasingly captured by corporate lobbies and financial elites
Universal healthcare, public education and basic income are still missing in most capitalist regimes yet corporate bailouts are routinely funded
The irony is stark~ public suffering is privatized and private losses? They are socialized
Wall Street gets rescued and Main Street gets hammered and blamed
Pandemic: A Capitalist Failure, Not a Triumph
The COVID-19 pandemic shattered the myth of capitalist efficiency:
a) Hoarding of vaccines
b) Export bans on essentials
c) Private hospital collapses
Ultimately international organizations and public-sector interventions had to step in
The rise of the Pandemic Treaty is proof that global capitalism failed to self-regulate for the collective good
A system that profits off a crisis is not resilient it is predatory
Globalisation ≠ Capitalism
Global trade and cooperation are not inherently capitalist.
A mutualistic model—with cooperative ownership, social guarantees, and regulated private enterprise—can still thrive under global integration.
The world doesn’t need a binary choice between authoritarian socialism and crony capitalism.
What we need is a reimagining~ market dynamism + social justice + collective ownership models (like mutuals, co-ops, worker trusts)
The future is not either-or it’s both-and
Possible Solution
Norberg’s vision is utopian but only for capital holders
What I am proposing is not a perfect model it is a call for systematic rethinking rooted in equity, resilience, and realism. I believe in a dual-track approach where the market and the state engage in both cooperation and constructive competition. While I don’t claim to have a fully developed system yet, I am working through the pragmatic aspects.
One possible direction is mutualism, an economic philosophy that deserves serious attention. It’s not the focus of this essay, but I intend to explore it in detail in a future piece
PS. I have written and conceptualised this essay. Editing done using Gen AI.