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[–]EthnocratArcheofuturist 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

There is a problem of overproduction.

There's an insane amount of overproduction on garbage we don't even need.

So why do people still suffer from shortage of good when we can already produce vast surplus of it? Why can't we just give everyone their required products?

It's called artificial scarcity. We're literally destroying food every year to keep prices up. The market isn't actually a distribution system, it's a system to make money.

The answer to this question leads you down the rabbit hole of finance capitalism, wealth inequality and unnecessary competition.

Yes, especially unnecessary competition. Market "efficiency" isn't efficient at all. What we need is technical efficiency.

Capitalism is essentially an outdated economic system that has outlived its usefullness since the end of the industrial age.

It isn't just capitalism. It's the price system in its entirety. Capitalism is just its latest iteration.

Even less so considering advances in computing and algorithms which can more efficiently allocate resources than the market.

Absolutely spot-on. Look up Project Cybersyn. Imagine what we could do with today's technology.