this post was submitted on 29 Nov 2023
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That's what they thought of factorization as well, but it outlasted it just fine. Same thing will happen with more advanced forms of automation, but there will be growing pains certainly.
Capitalism is undeniably declining, though. Production is through the roof, but wages have stagnated with respect to that. Factorization in the sense of industrialization was never seen to go against Capitalism, rather, with the rise of factories came the rise in Capitalism.
Unless I'm misunderstanding your point, of course.
Additionally, the fact that one prediction was wrong does not necessitate that all predictions are wrong.
The amount of people living in extreme poverty was 94% in 1820. In 1981, it was 44.3%. In 2015, 9.6%. This effect is entirely due to Capitalism. Perhaps wages in the West have stagnated because people in other countries deserve those better wages more? Just a hunch, no data to back that one up, except these statistics.
This incredible success in saving people from horrible conditions might not continue, but the recent history has been pretty great.
There are socialist laws that govern and assist the poor everywhere in the world, so I would attribute the claim that "fewer people living in poverty" to socialism rather than capitalism; aside from that, those figures entirely depend on how poverty is defined.