Which is better at wealth creation?

[UnknownPerson]

Which economic system is better at wealth creation: one that's a profit-driven market, or one that's want and need driven (as in an economy which produces stuff to fulfill needs and wants instead of getting profit)? Please elaborate your answer.

[LevDavidovichBronstein]

I think you'll find they both are sort of linked to supply and demand, one just uses money as a tool to exploit others whereas the other makes sure that everyone gets an equal slice of 'the cake'

[ArrowLance]

It is a complicated subject as the idea of wealth can be somewhat subjective. Also it isn't hard to argue that the profit driven market does work towards fulfilling wants and needs as those are what people want and so will buy. Your question also seems to not acknowledge the non-market forms of economy, although they are often less productive than markets.

It is important to keep in mind that economic efficiency is not so much the goal of communism as social justice, something the market is inherently in conflict with.

[ZeroNowhere]

I'm pretty sure that economic systems don't produce wealth per se. That aside, given the necessity of crisis in a profit-driven, capitalist economy, it's probably worse, as crises aren't necessarily productive.

[Common_Means]

For-profit modes of production require the continued manufacturing of needs and desires. Without this, the rate of accumulation slows and so on. Consequently, needs and desires are always being produced, resulting in the never-ending dissatisfaction of the consumer. Hence, theoretically and empirically, the continued expansion of wealth (defined as the accumulation of commodities) is an absolute necessity for Capitalism; making it, in part, an incredibly wasteful and poorly allocated economic system.

In any non-profit economic system the need to manufacture wants and needs for the sole purpose of wealth creation would not exist. Thus, without knowing what our Popular Socialist model will look like, I feel it is safe to say that Capitalism is better at producing wealth.