I Imagine the only real “substitute” would be a hybrid. Capitalism would probably need to be one of the drivers in this system, but would need another type of economic system to balance out the inherent greed, self-interest, and inequality of reality based Capitalism.
When one talks about the basic needs of a citizen somehow being “free” or included in the contract a citizen is bound too, often times the word Socailism is brought up... But when it’s brought up it’s primaily compared to earlier, and varied, versions from the “Asian” continent. But in this age, there are strong hints that a “light” version can be applied and mixed into the economy and result in great Economic Indicators, as demonstrated by some European Coutries in the Nordic region.
As self canceling as it sounds, it appears that a hybrid of light socialism with key pillars of Capitalism can work. Not only at boosting the Economic Indicators (Quality of life, upward mobility, general health, sufficient housing and sound infrastructure), but Lessing the gap of income inequality/disparity.
Something has to change. Corporations yield comparable power to the government, and a select group of individuals own a substantial portion of the country’s wealth. There is going to be a point where the fundamental basis of Capitalism will no longer work, when the supply is adequate but the demand (lessened by the buying power of the common citizen) will no longer be a viable model.
While it is true that free market economies are probably better than command economies, capitalism is not the best (or only) free market economy. Under capitalism, private corporations are in control. An alternative would be an economy dominated by cooperatives - either run by the workers or by consumers. Studies have shown these firms can be just as if not more efficient as capitalist firms, create more desirable jobs, and reduce poverty and unemployment.
I believe capitalism is an extreme in the economic system and socialism is probably on the polar end. I think we would be far better off to adopt policy that lands us as close to the middle of these two ideas as possible. I think it is possible to have working systems on either, but I think they better alternative is to attempt a balancing act.
There probably is a better alternative to capitalism, but no system yet has been proven to be better and capitalism itself as it is run by greedy people has its flaws. However, so does socialism and communism, so no system that is administered by greedy people in power is going to be sufficient.
Although it has a lot of flaws there is not currently a better alternative to capitalism.The market system offers the most opportunity to the biggest number of people.Other types of systems are more restrictive where people are usually stuck in one position their entire life without achieving any type of happiness.
Although democracy and capitalism are not perfect systems, they are the best we have. No other system is as stable and prosperous as the one we have today. Also, these systems allow for modification and improvements. Democracies can amend their laws in case culture and technology demand changes to adapt to modernity
No, there is not a better alternative to capitalism, because capitalism harnesses man's nature. Man is by nature selfish. Capitalism plays to that, and allows people to work in their own interests in a way that ends up benefiting everyone. There is no other system that works as well as capitalism does.