Capitalists responsibility is to increase shareholder value. Thats it. Its called fiduciary duty. Innovation ect is only a mechanism employed to help achieve the goal of making money aka increasing shareholder value. The problem comes in when capitalist are not regulated by the people (the government). Without regulations you would get monopolies over time. More successful companies would buy competition and then have a dangerous amount of control of the market. If nothing else I say sinks in please please understand that the 1 and only goal of a capitalist is to increase wealth aka shareholder value, company value.
Capitalists responsibility is to create value which should they think will add to profit/wealth. They have to provide some value to a customer more than the competition. I dont know where and how capitalism is almost always railed against due to "shareholders or stockholders." The vast majority of businesses are partnerships and sole proprietorship. But, yes, innovation is the
only tool in true capitalism. When a new good solves a new problem or solves on old problem more efficiently (time and/or money), it wins. If a company/person fails to do that, then they cease doing business or just erode away.
And monopolies are typically created created with help of the government to begin with (US Postal Service, the Bells, etc), but note that even with those monopolies, the private sector always innovates around it at the end because monopolies tend to suffer due to lack of innovation and inefficiency.
I worked at FedEx right out of Business school, do you know USPS contracted FedEx to transport its mail because it was cheaper and more efficient? There are millions of examples like this.
The problem we have is when money corrupts the people who are required to regulate them. This is what you have in our country. I can point to many examples if it helps.
Crony capitalism isnt the governments attempts to regulate the industries. You mention solar subsidies... Solar subsidies are not crony capitalism. Its the governments way to trying to help create incentives for companies to innovate in a marker that has already been dominated by a group of companies with the resources to starve out competition. In the case of solar that would be the oil industry.
Crony capitalism is is when laws or loopholes are set up to give certain firms an advantage over other firms or restrict competition (the original TV airwave licenses, subsidized farming, tax breaks for movie filming, state insurance regulations where companies cant cross state lines, industry tariffs, NFL stadiums). And yes solar subsidies are the definition of crony capitalism. The word subsidy is de facto a crony capitalistic tool.
And, generally the answer to reduce public corruption, is not to instill more public bureaucracy. And government unchecked is worse than any company can ever be because you can take your business elsewhere, you can't easily escape public corruption.
Another big government win for Cali
https://en.wikipedia.org/wiki/City_of_Bell_scandal
Capitalism isnt about choice at all. Remember without government regulations you would have companies merging together and the consumer would have no choice.
Do you shop on Amazon?, do you have no choice? Why are more people not flocking en masse to Sears or JCPennys - because of government force? And for choice, how many brands of cereal do you think there are? How about brands of cars? The US has the most choice of any good or service in the the history of mankind. Capitalism is only about choice, the fact few use it and defelct that blame to the "evil corporation" is just a cop out.
Here is a good example for you. Health care.....Give me 1 example of a free market (capitalistic) healthcare system that has succeeded in the world. Just 1 example please......
And if you could actually come up with one (you cant) then lets compare that system, cost, and outcomes with socialized systems around the world.
Easy. Cosmetic surgery. Breast implants and lasik are fractions of what they used to be. Aside from that, healthcare is another subsidized system - though due to the inelastic nature of core healthcare (emergencies, etc.) make customers make irrational decisions. And you cant compare the US with other systems until you take into account the holistic defensive medicine (unnecessary tests or overtesting) bring medical tourism into the discussion. Also, I worked in London for a couple of years and everyone in my office paid for supplemental private health insurance as to not have to wait in lines or be rationed if they needed advanced services.
Public schools do not trail private schools. Private schools (especially charter) have been proven in study after study to not out perform public education.
LAUSD, the largest public school system in the country, says hi
http://laschoolreport.com/district-...eases-but-lausd-still-faces-financial-crisis/
and this also doesnt support your claim
http://californiapolicycenter.org/a...schools-and-la-alliance-charter-high-schools/
You are using Socialism in its purest sense which no country actually uses anymore. Look to Norway, Sweeden, Denmark as good examples of democratic market socialist countries. We have moved so far to the right in the last 30 years that a guy who has policies more conservative than Republican Dwight Eisenhower is consider a socialist.
Norway is opening up its economy to more capitalism and competition as oil demand fades (
konkurranseutsettelse). It is a country of 5M people, smaller than Massachusetts.
Sweden has been moving more capitalistic since 1993 after moving from 4th richest country to 14th in 23 years as publis spending was 67% of GDP.
Now the Scando countries have maintained more welfare state than many other areas, but to be competitive, the answer wasn't less capitalism