EDIT: As several people have noted, while Riot Games is private, their majority owne (Tencent) is not. According to Tencent's most recent filings, video game revenue is up by double-digits and they reported profits in the past.
Unless Riot is claiming that they increased expenses by double-digit % in Q4, they are profitable.
I wonder if being an adult has always felt like, financially, being placed in the "rack" torture device. These days it feels like I'm being stretched from all directions.
Nicola Tesla was a successful capitalist? Isaac Neuton? Leu Paster? What about the guy that invented penicillin?
Without capitalists, progress reaches the masses a bit slower. Without scientists, capitalists would still trade sheep, live in huts, and wipe their ass with tree bark.
I am amazed by the shameless disregard for empirical facts and data and hard historical evidence.
I’m not shameless the anti-capitalists are.
Here is a book you might be interested in:
“Envy: A Theory of Social Behavior” by Schoeck
That can help explain this very common destructive human instinct towards collectivism in general.
and here is an examination of the most failed idea in human history - socialism:
https://iea.org.uk/publications/socialism-the-failed-idea-th...
It’s outrageous and shameless to vilify entrepreneurs legitimate and ethical pursuit of profits.
There’s the sticking point. Way too many unethical capitalists, and without strong enforcement mechanisms those bad actors simply concentrate market power and actually break the capitalist system you’re so ready to cream your jeans over.
Edit: also after having looked up that book, not sure if some Freudian level psychobabble making sweeping claims about human emotion and motivation is really that great of an argument for unrestrained capitalism.
The book delves a lot deeper than Freudian concepts, offering a sociological perspective on how envy drives societal dynamics. He argues that in modern societies, envy often triggers destructive emotions, leading to flawed support for collectivist and socialist ideas based on instinct rather than logical outcomes, understanding how emotional responses like envy generate repetitively failed economic and social policies. Socialism is literally the single most failed idea in history, no other idea has been tried so many times and failed so miserably so many times, the question is why? one definition of insanity in individuals is repeating the same approach and expecting different outcomes! why are we sociologically insane? understanding the evolutionary origins of envy is highly relevant, an emotion that in smaller groups can improve overall performance of the group, motivating aspirations, but in larger groups reverts to destructive actions.
What is this socialism you are railing against, where can I find it? Russia is not socialist any more, neither is China, so where is it?
I think you have a religion, and it is that capitalism must never be criticised. Its excesses must never be reigned in. For the past 20 years we have tried your ‘capitalism without breaks’ experiment and it has delivered fastest falling living standards and environmental destruction in recorded history of peacetime
> Socialism is literally the single most failed idea in history
Have you heard of this little 500 year long period called the DarkAges? We had plenty of capitalism, mercantilism, classism, religious fundamentalism, but no science, and half the population of Europe died in agony because they didn’t know about soap.
Or about the trans Atlantic slave trade, an entirely capitalist institution that killed more people than Mao and Stalin combined.
In fact how could you even make such a statement, what societal order existed for the previous 10,000 years of human history before socialism was invented?
If socialism is such a failure, how come USSR was even ever a threat to the USA? Do you feel threatened by other societal orders, say a monarchy? No you don’t, they are not competitive
The claim that the Dark Ages represent an era of capitalism is a fundamental misunderstanding of both history and the essence of libertarian capitalism. The Dark Ages, characterized by feudalism, lacked the core tenets of modern capitalism – namely, individual property rights and the principle of non-aggression. True libertarian capitalism, as we understand it today, emerged around the 1800s, bringing with it unprecedented economic growth and scientific progress. This system is founded on respect for individual rights, voluntary exchange, and freedom from coercion – principles nonexistent in the feudal societies of the Dark Ages. In stark contrast, collectivism and socialism, despite their relatively recent emergence, have consistently failed wherever tried, lacking the efficiency and innovation-driven growth inherent in capitalist systems. It’s crucial to distinguish between these vastly different epochs and ideologies. Modern libertarian capitalism is not only the most successful system in human history for advancing prosperity and human well-being, but also a cornerstone for scientific and technological advancement.
The supposed success of the USSR, which was indeed a threat to the US, was built on a foundation of resource exploitation, extreme violence, and suppression of individual freedoms. This model proved to be unsustainable, ultimately leading to the USSR’s collapse. The real threat was not its competitive prowess but its potential for global destabilization through military force and ideological expansion. As for the modern resurgence of collectivist ideas, now often cloaked in terms like ‘progressive,’ ‘social democratic,’ and ‘social justice,’ these are merely rebranded versions of the same failed ideologies. They promise equity and fairness but historically deliver devastation and disaster. This isn’t just a theoretical debate; it’s a matter of learning from history to avoid repeating catastrophic mistakes. The resurgence of these collectivist ideas poses a real threat to the future of humanity, as they undermine the principles of individual liberty, economic freedom, and innovation that have driven human progress. It’s crucial to recognize and resist these regressive ideologies for the sake of preserving and advancing a prosperous and free society.
Lastly, the assertion that the last 20 years of capitalism have led to the fastest falling living standards is factually incorrect. On the contrary, global living standards have significantly improved over this period. The World Bank and other international organizations consistently report reductions in extreme poverty and improvements in health, education, and overall quality of life worldwide, largely due to the spread of market-based economies. Furthermore, the greatest environmental challenges are often seen in authoritarian and totalitarian regimes, where there is less transparency, weaker environmental regulations, and less accountability. In contrast, many capitalist countries have been at the forefront of adopting sustainable practices and investing in green technologies. It’s essential to base our arguments on accurate data and acknowledge the complex interplay between economic systems and environmental outcomes.
> transatlantic slave trade and its erroneous association with capitalism is not only historically inaccurate but intellectually dishonest.
You have fully adopted ‘no true socialism’ argument, no matter what criticism of capitalist I bring up, whether it’s current USA or historic wrongdoing, it’s always not the right kind of capitalism. If they would be doing capitalism right, all those deaths would have never happened.
What is unhinged is the idea that unrestricted capitalism protects your rights.
When capital rules, it trumps individual rights and liberty.
Unregulated capitalism gives you children dying in coal mines, it gives you trade in organs, it gives you liquidation of penguins while they are still alive, and slavery.
The entire argument of ‘Capitalism= freedom’ is totally dishonest.
The statement ‘when capital rules it trumps individual rights and liberties’ is a mischaracterization. In capitalist systems, capital doesn’t ‘rule’ – it’s merely a tool in a framework where individual rights and liberties are paramount. The free market depends on a rule of law where the state ensures a level playing field, not by controlling the economy but by safeguarding these rights and freedoms.
Your focus on slavery, while an important historical issue, is a misapplication in this context. Slavery, as practiced in colonial times, was the antithesis of libertarian capitalist principles. It was based on coercion and violence, the very things libertarian capitalism opposes. Similarly, child labor in its exploitative historical context was a result of a lack of regulation protecting individual rights, not a feature of capitalism. Capitalism didn’t invent child labor, but it did help end it. While socialist regimes like the Soviet Union exploited child labor extensively under the guise of equality, it was the economic growth fueled by capitalism that empowered societies to enact labor reforms. The wealth created by free markets enabled the development of laws that protect workers, proving that capitalism is a solution, not the problem.
Conflating the failures and injustices of feudalism, colonialism, and other oppressive systems with libertarian capitalism is a distortion. It’s essential to understand and debate these concepts based on their actual principles and historical implementations, not on mischaracterizations or conflated definitions.
Claiming that unregulated capitalism leads to child labor, organ trade, and slavery is a gross misrepresentation. Let’s look at the facts:
- Child labor is still a grave issue in countries like the Democratic Republic of Congo, often linked to cobalt mining, where the government does not enforce labor laws effectively, and the economy is far from a libertarian capitalist model.
- Organ trade thrives in regions with weak legal systems and rampant poverty, like certain parts of Asia and the Middle East, not in countries with strong property rights and free markets.
- Modern slavery and human trafficking are most prevalent in nations where the rule of law is weak, and economic freedom is limited, such as North Korea and Eritrea, not in libertarian capitalist societies.
These examples clearly show that such human rights abuses are more common in environments lacking the core principles of libertarian capitalism: strong property rights, rule of law, and individual liberty.
There are millions of people whose work made the West a great civilisation that it is today, who did not pursuit profit, many of them through self-sacrifice.
This propensity to claim credit for their work is morally corrupt. That’s outrageous and shameless.
It’s the same ideology that allowed boss of United Carbide to shelter in US from justice after killing 10,000 people Bhopal
Fleming’s invention of penicillin wasn’t about capitalism or socialism, but how capitalism effectively used his discovery to save millions of lives globally. It’s not about claiming credit, but recognizing the system that best harnesses such innovations for widespread benefit. Regarding corporate responsibility, capitalism doesn’t excuse unethical behavior, as seen in public and legal backlash against such incidents. True capitalism demands accountability, not sheltering the guilty.
Consider the printing press, invented not just for knowledge’s sake, but also driven by Gutenberg’s vision for profit. This invention revolutionized the spread of knowledge, paving the way for scientific progress and the Enlightenment. Just like with penicillin, it’s a prime example of how the pursuit of profit under capitalism can fuel advancements that benefit all of humanity.
The real moral outrage would be ignoring how capitalism has lifted billions out of poverty. It’s not self-congratulatory to acknowledge facts. Capitalism, unlike any other system, has consistently turned innovations into tangible benefits for the masses. Using emotive language like ‘shameless’ or ‘morally corrupt’ doesn’t change these historical truths. It’s about progress and real-world results, not ideological rhetoric.