A M E R I C A : the Capitalist Leader of the World. So what do you think: good? Bad? Indifferent?
Capitalism can be defined as a “social system based on the principle of individual rights. Politically it is the system of laissez-faire (freedom). Legally it is a system of objective laws (rule of law as opposed to rule of man). Economically, when such freedom is applied to the sphere of production its result is the free-market. Too many big words? In other words, Capitalism allows economic mobility: opportunity of success and failure, and in theory, it all relies on one’s efforts.
George Washington: the MAN OF THE HOUR, at least when it comes to Capitalism. In theory, anything can sound nice; however, in practice, sometimes things go awry (people suck). Maybe you think capitalism has been implemented in America in a successful way, but with everything, there are always pros and cons.
Pros?
- Economic freedom leads to political freedom
- More efficient system: private organizations have incentives to produce goods and do so efficiently
- Allows for economic growth (or mobility)
- This isn’t the best pro, but some people say there are no better options, so make what you can with Capitalism?
Cons?
- Monopoly power: always a bad thing. Once one private-owned company is the only company in a certain industry, they dominate, and have all the power.
- Societal benefits are ignored: in other words, the system cares a whole lot about MULLAH
- Wealth inequality
- Wealth margin: if a billionaire makes $10,000 per year, it is under-appreciated to someone who makes $30,000 a year.
- Boom and bust cycles: as we have experienced, times of economic boom, and then times of depression or recession
(http://www.economicshelp.org/blog/5002/economics/pros-and-cons-of-capitalism/)
So what does this mean?
It’s all up to you now, young grasshoppers. Yay or nay? Is there any other system you think could be better? Can we change our system? Is human suffering and inequality inevitable?
I’m skeptical of this definition of capitalism, because it is that given by Ayn Rand, a proponent of capitalism if there ever was one. What did Marx, the critic of capitalism, have to say? What does “freedom” (Ayn Rand’s definition of capitalism) have to do with the following definition, provided by Marxist theorist Teresa Ebert in her 2007 book Class in Culture, where she discusses social class as per the Marxist definition: ““Class, in short, is the effect of property relations that are themselves manifestations of the alienation of labor as wage labor. Wage labor alienates one from one’s own product, from oneself, from other humans…owning labor power or being a person whose labor power is owned divided people into only two classes: workers and owners. Those who live by wages and those who live off the profits made from the labor of those who live by wages.” (xii) Wage labor doesn’t seem like freedom, does it…She critiques, indirectly, those who adhere to Ayn Rand’s definition of capitalism: ““Free enterprise itself, for instance, is depicted not as a particular regime of labor with a specific history but as a manifestation of instinctive human yearning for freedom.” (xvii) She goes on to say that capitalism remains largely the same as it was in Marx’s day: “[a system] in which the few possess the surplus labor of the many, remains the same. It is not enough to argue that imperialism is a structural feature of capitalism – as the wars in Palestine, Iraq, Afghanistan, Lebanon ad Pakistan demonstrate…” (xix). Is there a better way than capitalism? I’m guessing a lot of people think so. At the very least, I’m sure we can do better than the current status quo of corporations running our government…
That’s totally valid and great point. Because I think Capitalism is flawed, I wanted to make sure I got information from someone who wasn’t biased in the same ways I am. But it probably would’ve been good if I also added how I think there could be better alternatives, but maybe we haven’t found them yet. Maybe it’s a mixture of ideologies? Thanks for the comment!
Marxism can critique capitalism alright, but it doesn’t offer any viable solutions. It’s a joke on the level of Objectivism and the belief in god. We’re post-capitalists and we ought to act like it. The right must realize capitalism is a human invention and thus is mutable not immutable. There is no magic hand guiding the market. The left should ditch its barbaric anti-capitalism. Globalism is a panacea not a cancer. Capitalism and democracy must spread so people can contribute to humanity as a whole. We’re no longer savages who hold onto race, religion, “culture,” and whatever else sclerotic nonsense we believe in. This is a new age of post-everything yet we’re still fighting yesterday’s battles. Bleh.