I first heard of NIT from William F Buckley on his show. As a liberal, I thought he must have gone off his trolley. Later on I think I heard Milton Friedman had proposed it. More recently, I read Theodore Herzl proposed something like NIT in his book,"The Jewish State". It struck me as a very perceptive idea.
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The long answer is: no, because material wellbeing isn’t the only problem of capitalism. It’s just as much an issue of power imbalances, these different power classes having different interests, capitalism prioritizing profits and what will sell over societal wellbeing, trends for progressive reforms like the NIT to be blocked because it isn’t in the interests of the people with the most power, alienation of the workers from their labor, etc