>> I feel the US is the closest example in the modern world to capitalism unchecked - with both the pros and cons that entails.
Please enlighten me which parts of the 'pros of capitalism' I'm missing out on as a non-US citizen, because I definitely don't see many, if any at all.
I guess it would be paying $1000 for a $50 medical procedure, because the unchecked health industry wants to make a profit, and can just ramp prices, enforce its dictums, and pay politicians uncheckedly.
"Pros" are subjective, of course. But if you ask an American to describe why US is great, it would be things like:
* Largest economy on the planet
* Biggest and most well known tech companies (or companies in general)
* Majority of the top research universities
* Quality of medical system (if you can pay!)
* And so on
For us in tech, living in the US is no comparison - it's the best place to be an engineer by a long shot, due to much higher wages and opportunities. Not to say you can't find good stuff elsewhere, it's just harder, and you'll get rewarded much less in general.
Increased regulation, labour protections, consumer protections, and so on stifles the economy, at least in the short term. I'm not saying that's bad - there's more to life than money, which I think is an idea that Europe embraces more so than the US.
I don't feel any of these things provide people with more or better opportunities than those I have here, or elsewhere in many western-European or Asian countries.
The universities here are great, and actually rank equal to or better than all but a handful of US ones. The quality and availability of health care is basically the same, for a much lower price. Even for rare treatment options that are only available abroad (e.g. in the US), which are covered through regular health insurance. There are many high-tech companies in countries like the UK, Germany, Scaninavia, Netherlands, etc. Maybe not as many software companies as in Silicon Valley, but those only employ a tiny percentage of people. If you have a university or college degree you can make a great living here, and your standard of living is most definitely a lot better than in Silicon Valley. I know because I travel there regularly for work and have many direct colleagues who live and work there, some who transfered from here, and I know how much they make and what their cost of living is.
Having 'more of X', 'biggest of', 'best of', 'largest economy' have exactly zero meaning in the context of the lives of individual people. Just looking around what we have here, and what you have in the US, there are no 'pros of capitalism unchecked' that are exclusive to the US for the vast majority of people. There are many cons though.
There reason for my somewhat snarky original comment is that I honestly don't think anyone could come up with any factual, comprehensive facts that prove that the US has any exclusive benefits from 'capitalism unchecked'. In fact, most lists (per capita income, poverty, cost of living, education, vertical mobility, health care, and maybe most importantly: happiness) the US is not even near the top.
I live in London so I'm probably biased. Salaries are lower compared to US counterparts. Funding for startups is harder. I think a lot of this is related to stronger labor protection and higher taxes. So I think in terms of economic opportunities for tech, and other in-demand industries, the US is better for individuals and companies. I still wouldn't want to live there though - I spent many years in Chicago, where you could hear gun shootings every couple weeks or so. Homeless people everywhere. It's like a dystopian world, even in "bad parts" of London you don't get anything like it.
Please enlighten me which parts of the 'pros of capitalism' I'm missing out on as a non-US citizen, because I definitely don't see many, if any at all.