Capitalism is broken | Opinions
For centuries, the United States and similar Western capitalist nations have insisted to their citizens that capitalism is a free, just, and open economic system that allows citizens to move freely from lower socioeconomic status. to a higher status. While many people, myself included, have believed in this notion in the past, clear social, political and economic indicators clearly show that while capitalism is a fluid economic system and does respect individual freedoms , the lasting ramifications of capitalism have deeply stained the social fabric of the United States. While capitalism respects economic freedom of choice, the poor implementation of capitalism has left the United States with a chasm of economic inequality from sea to sea.
The United States does not have capitalism. What we have now is “crony capitalism”. Investopedia defines crony capitalism as “a capitalist society based on the close relationship between businessmen and the state. Instead of success being determined by a free market and the rule of law, the success of a business depends on government favoritism in the form of tax breaks, government grants and other incentives ”( 1). This system of crony capitalism has created such terrible phenomena as the military-industrial complex. Due to the corrupt nature of our government, large multinational corporations have strong ties to government, and these large corporations are able to influence government to submit bids. It is for this reason that the United States does not really have a truly capitalist economy. For this article, I will discuss how and why I think the current system of capitalism is broken; when I refer to capitalism, I am talking about crony capitalism, in which capitalism inevitably disintegrates.
To begin with, by suggesting that capitalism is broken, I am not advocating the implementation of a socialist economic and political policy. Rather, I advocate a change in capitalism that occurs at the individual level rather than the political level. I am convinced that change happens better “from the bottom up” rather than “from the top down”, which means that it is only through changes that occur within society and reach levels. powerful in society that we can restructure a fundamentally corrupt society system. When we can identify the wrong actors within our society, we can better combat the structures that continue to oppress our economic situation.
Traditionally, economic theories have existed on a spectrum. On the one hand, we have anarchic capitalism, no government and no economic activity going on without regulation. On the other side, authoritarian communism, a strong government that controls every part of economic activity. Every nation falls somewhere on this spectrum, with some moving closer to the communist side, like the Democratic People’s Republic of Korea and China. While others fall from the side closer to the other side, like the United States. It’s no surprise that the United States leans heavily towards the capitalist side, which has seen the United States as one of the most powerful economic powers to date.
Our economy is shattered because, despite the vast economic and natural resources of our country, we have extreme inequality of income and wealth. According to the Pew Research Center, “the wealth gap between America’s richest and poorest families more than doubled from 1989 to 2016” (2). The Pew Research Center also concluded that “middle-class incomes have grown at a slower rate than upper-income incomes over the past five decades” (3). The Hill writes: “The richest 62 people in the world have as much wealth as the poorest 50% in the world, or about 3.6 billion people. The richest 1% of the world’s population has as much wealth as the remaining 99% of the world’s population. population. “This kind of economic inequality is disgusting and needs to be dealt with one way or another. Moreover, this grim reality suggests that although the middle class has grown, the middle class has not. developed at the same rate as the upper classes of the United States, which is unacceptable.
Understand this: politicians are not on your side. Politicians like Bernie Sanders, Alexandria Ocasio-Cortez, Ted Cruz or Donald Trump are not looking for your best interests. Regardless of their political affiliation, politicians are among the most corrupt, power-hungry and money-hungry individuals our society has to offer. And while politicians on both sides can claim to be populists, they are only looking out for their best interests. The cure for the ills of capitalism does not exist in the halls of Congress, but rather through a fundamental restructuring of our society that diminishes the extreme importance of money in our lives. Capitalism is shattered, and while an alternative that does not involve increased government seems impossible, I believe there is a way to reduce wealth and income inequality in the United States that does not involve redistribution. forced, violent and oppressive wealth.
Based on my economic and political research, several things are perfectly clear. First, the poor deserve health care, but should the government provide it? No. The government is inefficient and inefficient and would not do a good job of providing health care to the most vulnerable in our society. Second, the wealth gap in the United States is unethical, and although many billionaires have created their own wealth and use it to invest, their blatant accumulation of wealth while Americans starve is unacceptable. . Should the government tax them 100% after accumulating over $ 1 billion? No. Although I think capitalism is broken, I’m still not sure what the cure is, and guess I won’t find out for a while.