At it’s core capitalism just means that private individuals can own property, instead of the state owning everything. Which is absolutely critical for a free society. It’s paramount that individuals not be dependant on a ruling class for survival.
It’s only essential for capital owners to maintain their wealth and power.
Ownership is a term that is loaded and the argument between socialism and capitalism is actually not really helpful.
For instance, if we removed the concept of capital and implemented socialism, there would still be a concept of "responsibility for". So if there were community bicycles, individuals would still have responsibility if they threw the bicycles in a lake. The community officially "owned" the bicycles, and the individual acted against the community's best interests.
Capitalism as written about by Adam Smith seeks to solve the same problem by putting the "ownership" in the hands of the individual, so that the individual is given incentive to care and maintain the bike.
These are both potentially-effective systems that seek to solve the problem of "who's responsible for this bicycle". There are trade-offs for each.
When we simplify complex market-based problems into choices between either capitalism or socialism, we have created nice ways to describe the problem, but neither of them serves as an effective solution to the problem.
For the solution, we have to dig deeper and that means not being beholden to ideologies that can prevent us from seeing good solutions.
With land people don't own the land itself they only have exclusive usage rights for a specific period of time. Once that time is over they are no longer responsible. Thus even with private ownership you still can have the tragedy of the commons problem, it is just divided over time instead of space.
The most common example is soil depletion from industrialized agriculture.
If you wanted to solve this problem you would need a regulatory body that inspects the quality of the soil and fines people who degrade it. Governance becomes essential to balance the micro and macro economy.
I’m not sure that means companies wouldn’t be started and everyone would sit around doing nothing.
Ideas, leadership and capital are vital to a functioning economy. Every time a system has been set up that denied that, and it has been tried many times, the results were catastrophic. In several cases tens of millions of people dead catastrophic.
The Ludlow Massacre was a mass killing perpetrated by anti-striker militia during the Colorado Coalfield War. Soldiers from the Colorado National Guard and private guards employed by Colorado Fuel and Iron Company (CF&I) attacked a tent colony of roughly 1,200 striking coal miners and their families in Ludlow, Colorado, on April 20, 1914. Approximately 21 people, including miners' wives and children, were killed. John D. Rockefeller Jr., a part-owner of CF&I who had recently appeared before a United States congressional hearing on the strikes, was widely blamed for having orchestrated the massacre.[6][7]
The massacre was the seminal event of the 1913–1914 Colorado Coalfield War, which began with a general United Mine Workers of America strike against poor labor conditions in CF&I's southern Colorado coal mines.[8] The strike was organized by miners working for the Rocky Mountain Fuel Company and Victor-American Fuel Company. Ludlow was the deadliest single incident during the Colorado Coalfield War and spurred a ten-day period of heightened violence throughout Colorado. In retaliation for the massacre at Ludlow, bands of armed miners attacked dozens of anti-union establishments, destroying property and engaging in several skirmishes with the Colorado National Guard along a 225-mile (362 km) front from Trinidad to Louisville.[6] From the strike's beginning in September 1913 to intervention by federal soldiers under President Woodrow Wilson's orders on April 29, 1914, an estimated 69 to 199 people were killed during the strike. Historian Thomas G. Andrews has called it the "deadliest strike in the history of the United States."[2]: 1
The Ludlow Massacre was a watershed moment in American labor relations. Socialist historian Howard Zinn described it as "the culminating act of perhaps the most violent struggle between corporate power and laboring men in American history".[9] Congress responded to public outrage by directing the House Committee on Mines and Mining to investigate the events.[10] Its report, published in 1915, was influential in promoting child labor laws and an eight-hour work day. The Ludlow townsite and the adjacent location of the tent colony, 18 miles (29 km) northwest of Trinidad, Colorado, is now a ghost town. The massacre site is owned by the United Mine Workers of America, which erected a granite monument in memory of those who died that day.[11] The Ludlow tent colony site was designated a National Historic Landmark on January 16, 2009, and dedicated on June 28, 2009.[11] Subsequent investigations immediately following the massacre and modern archeological efforts largely support some of the strikers' accounts of the event.[12]
