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this post was submitted on 24 Jun 2024
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This isn't capitalism, it's more cronyism where the government takes on all the risk but outsources any profit to private companies
If it were capitalism, the full system would've collapsed over covid where there weren't enough passengers. If it were socialism, it'd probably be largely the same given the number of lines that do lose money, but at least the profitable ones like the London-Birmingham/Manchester routes would be adding money to the government instead of private companies
I would argue that cronyism is a symptom of capitalism. Regulatory capture and buying off politicians is a damn fine return on investment.
This is not to say communism didn't also have it's problem with corruption and bribes.
Without proper oversight, any human run thing is subject to this universal law: humans are lazy and greedy.
Cronyism is a symptom of any (not even the) class system, not capitalism. Those with power (ie those charged with administration/lawmaking under communism, those in power/with sufficient capital under capitalism) abuse their power to give more power to their friends and those like them. The only cure is openness and transparency in book-keeping and policy-making, but that's not an economic ideology but a political one.