Capitalism – A Dirty Word…

September 16, 2014

2014-08-14_07-49-36I have been accused by some who have come to this site primarily in the antagonist mode to be anti-capitalism.  I hope that is not the general persona that I put forth.  It is true that I don’t think that unfettered capitalism is a good thing. If left to its own capitalism would morph into a survival of the fittest mode or something even worse. But I don’t think those beliefs make me against capitalism.

I thoroughly recognize that capitalism is the primary driver that has made the U.S. and much of the industrialized world what it is today.  Without capitalism we might all be in the survival mode as found in much of Africa and other third world countries. Constrained capitalism simply brings out the best in us. Without the Robber Barons of a century ago our country would look much different. But at the same time without the Republican president Teddy Roosevelt taking down the Robber Barons things would probably have looked just as dreary.

Here is a little about what Wikipedia says about capitalism:

Capitalism is an economic system in which trade, industry, and the means of production are largely or entirely privately owned and operated for profit. Central characteristics of capitalism include capital accumulation, competitive markets and wage labor. In a capitalist economy, the parties to a transaction typically determine the prices at which assets, goods, and services are exchanged….

Proponents of capitalism argue that it creates more prosperity than any other economic system, and that its benefits are mainly to the ordinary person.Critics of capitalism variously associate it with economic instability, an inability to provide for the well-being of all people, and an unsustainable danger to the natural environment. Socialists maintain that, although capitalism is superior to all previously existing economic systems (such as feudalism or slavery), the contradiction between class interests will only be resolved by advancing into a completely social system of production and distribution in which all persons have an equal relationship to the means of production.

Having a “completely social system of production and distribution in which all persons have an equal relationship to the means of production.” is simply not workable as proven by history. Without the possibility of advancing your personal situation there is simply no incentive to make things better. But at the same time I realize that capitalism so often results in extreme greed, corruption, and worse if it is not controlled and regulated.  That is where our governmental functions come in.  Someone needs to be at the reigns of capitalism so that it doesn’t destroy itself. We seem to have lost that sense of governmental responsibility in the last few decades. Hopefully we will get it back before it is too late….