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Is Cancel Culture Effective?

There’s a bit of conflict on the conversation about “Cancel Culture”. Some people argue that the times of doing whatever you want without consequences are over, and for some people it contains important chances to be heard that didn’t exist before, others say it is the equivalent of letting an angry mob decide a person's fate as judge, jury and executioner. But, what is the cost of cancel culture? Most importantly, is it working? And for whom? Are there alternatives to holding people accountable especially where the systems in place are not working?