this post was submitted on 20 Nov 2023
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How is that a counter example? The same 3 - 5 corporations are still in control.
They can and they do innovate regardless of how much you might dislike them.
I mean, yeah. A broken clock is right twice a day.
Which I know doesn't exactly equate to the current situation, but do remember that the point of capitalism isn't innovation: it's earning the most amount of money.
Innovation is just a happy little coincidence thanks to competition in a fair market.
When AMD was down in the gutter, Intel was just fine making token "innovation" in the CPU market while mostly taking it easy on the RnD while raking it in. Something they, eventually, got gotten for by AMD and more recently Apple silicon. But now, let's say, Intel was allowed to buy AMD... Maybe Apple still would've switched to their own designs eventually, but PC's undoubtedly would still be stuck on 4, maybe 6 cores.
Monopolies are the anthesis of innovation, and monopolies are what corporations will move towards without adequate regulation.
I was responding to the claim that “capitalism cannot innovate “ i am aware that innovation generally is not the goal but that is not the point i am contesting.