> How do the gears of capitalism keep turning without UBI in such a scenario?
The part you've got wrong here is thinking that Capitalism is equivalent to innovation and growth, which it is not.
Capitalism simply serves capital, and with less and less of its constraints being physically bound to resources, there is very much a plausible world in which only a small handful of consolidated bank accounts exist so long as those bank accounts can reasonably control the monopoly of violence.
There is a point historically in which Capitalism absolutely served to provide widespread innovation and prosperity at scale, but this is not a feature of capitalism inherently but rather a consequence of it when run within the existing system of labor mechanics at the time.
Capitalism can still very much exist within a Feudal structure of governance, its contributions to society will be much lesser, but it can still very much exist.
> there is very much a plausible world in which only a small handful of consolidated bank accounts exist so long as those bank accounts can reasonably control the monopoly of violence.
Capitalism means separation of violence from capital, if capital controls violence then its not capitalism because there can only be a free market when guns that can't be bribed with money protects it.
For example in communism capital control violence, that is why its so bad, since when capital controls violence it no longer need to produce good results to thrive, it can just use force, which is how every communist regime acted.
In anarchy capital also control violence, so its not capitalism, since without a state to prevent capital from hiring thugs to force others into submission you don't have a free market, whoever has the most thugs wins.
A prosperous middle class is not a requirement for capitalism to work, and there are more capitalist systems where that's not the case than where there is.
The upper class live in walled neighborhoods with private guards. There's a small merchant class, and then the majority of the population are working class. Much of Central and South America live like this.
There was no middle class to speak of while living under communism here in Eastern Europe. We were all queueing for food equally. Except the nomenklatura, of course.
Then they are in for a very rude awakening, given that the same God says "You must not wrong the widow and the orphan; wronged, they will cry out to me for redress, and their cry will be heard. My anger will blaze out against you, and I will smite you with the sword, making widows of your own wives, orphans of your own children." (Exodus 22:22-24).
That one person is (according to the previous comment) using words to suggest "this is a thing that will happen" though they are planning to make it happen? And that those words are attributed to the God of Abraham, Isaac, and Jacob? And that the selfsame God also has the other words attributed to Him?
Or are you suggesting a particular ontological presumption about the declared speaker of those words, which would then reflect a different shade of meaning onto my declaration?
It's funny, because extreme poverty rates as defined by the UN have been decimated in the last century, and continue to drop, because of growth qua capitalism.
You're reflecting the populist notion that wealth is zero-sum. If that were true we'd still be in caves fighting over sticks. The average quality of life has skyrocketed in the last century alongside growth, and there's no non-capitalist country now or in history that's been an enviable place for average people to live.
It doesn't. Thought terminating clichés are rhetorical devices, I pointed out what real world data reflects. You're free to actually address it unless you want to redefine poverty to suit vibes.
UBI is how capitalism keeps going, else a new system will be needed.
UBI will be given but we should take even more control and take a % of ownership.