Unfair business practices, a disgusting gap between the wage and the poor, and exploitation amongst lower and labor groups, yes; capitalism has created all of those things. The only thing however, is that it hasn’t.
As outlandish as this may seem, capitalism is a good thing, maybe not the best system to have, but it is the best one we have got. Is the system of capitalism perfect here in America? Absolutely not! But as for the system itself, capitalism still holds a lot of water and is the economic system that promises the most freedom out of them all. The problem is that capitalism has been associated with greed and dehumanization due to its laissez-faire nature and horrifying business methods in the 19th and 20th centuries. Still, I sincerely believe that capitalism is a good system, and I will tell you why:
As mentioned before capitalism is a system that emphasizes freedom and that freedom can be used to pursue any occupation one finds suitable. The choice is up to the individual, if one would like to follow their dreams in becoming a chef, capitalism allows them to do so. But with any occupation, one must be prepared to work hard, and be ready for any and all trials and tribulations that lay ahead. But do not think for a minute that all of that hard work will go to waste, by putting in the hard work and time; you are benefitting the community with your end product, which in turn will benefit you. This is what is referred to as, the invisible hand. By working hard, and taking full advantage of your freedoms, the cyclical nature of benefits towards the community and to you, the cycle will remain unbroken.
Another thing that capitalism nails is competition, the race for the product’s quality and quantity. This is where capitalism comes to benefit the customer: a race against other industries to produce the highest quality product for the consumer. For example, the reason that Apple became so successful and so influential was because their product was able to do so much more than other phone companies at the time. The iPhone was not just a cell-phone; it had so many more functions to it, which appealed to customers. As a result, consumers bought the iPhone because they believed that it was the highest quality cell-phone on the market. The same could be said for computers, cars, food, medicine, and other industries. Everything economic in our society could be traced back to three little words: supply and demand. If the masses demand it, then it is up to businesses to supply it.
Keep in mind though; I am not supporting modern capitalism (which is more like an oligopoly) I am just as disgruntled by all the horrid business practices, wage gaps, and corporate influence as you are. The problem is that most people nowadays, don’t want to work, and don’t really take initiative. For those who have worked hard and still been cheated, it is not your fault, nor is it capitalism’s, but rather a series of continued policies from the government that fails to properly handle economic situations.
Still, there are some kinks we need to work out in our current system. The current American system of capitalism is rife with discrimination, sexism, and willingness to not reward people for their hard work. True capitalism does not discriminate, if two people do the same of work, then they should get the same amount of pay, regardless of gender, race, or anything else. The only reason a person should get paid more than anybody else is because they have put in a more noticeable amount of work and should be entitled to more benefits. On top of that, we do not need any Kafkaesque bureaucratic labyrinths to interfere with our most basic needs (Obamacare, I’m looking right at you) and provide us with needless restrictions.
I like to consider myself a hard-working and honest man, and I intend to benefit from capitalism because of this. I’m sorry, but the benefits I get for the work I put in should not be for anybody else but myself, unless I so choose. Capitalism is a good thing as it provides us all a motivation and a chance to succeed; and don’t think for a minute that what we have today is capitalist, because it is not.
As Andrew Ryan from Bioshock said himself:
“The market does not respond like an infant, shrieking at the first sign of displeasure. The market is patient, and we must be too.”
