Why Do People Think the U.S. Should Abolish Capitalism?

One century ago, our country was a safe haven for everyone. Today, however, can you still find clean water for drinking? That is just one stark contrast between our past and present. The notion of ldquo;progressrdquo; measured by the abundance enjoyed by a fortunate few seems to diminish the worth of the many. Yet, why do people in the U.S. believe that capitalism should be abolished?

Capitalism: A Snapshot

Those advocating for the abolition of capitalism either conform or are part of the indoctrination from the K-12 education system of the past three decades. Capitalism, as we know it today, offers several tangible benefits:

1. A Natural Economic Form: Capitalism has been the prevailing economic model since history has been recorded for a good reason.

2. Recovery Tool: It's the most common tool for economic recovery, harking back to the buggy whip era and up to the smartphone every individual struggles to live without today.

Do you still believe you weren’t programmed by your educational system? It's high time to rethink your beliefs.

The Problem of Words and Meanings

One challenge in discussing capitalism lies in the semantics. Competition and free markets are often simply referred to as capitalism. For others, the term evokes visions of unscrupulous industrial giants monopolizing markets. This issue is exacerbated by the fact that big industries often rely on state-provided security for their exports without paying for it, which raises ethical questions.

One of the significant contributions of the Age of Enlightenment was the promotion of free markets and competition. However, monopolies and market rigging have become rampant, necessitating government intervention to prevent or promote free markets.

Therefore, if the goal is to promote free markets, policymakers should aspire to full steam ahead. Unfortunately, many mistakenly perceive capitalism as a romantic notion where businesses claim full credit for their success and wield power unethically.

Mirroring Global Capitalism

While the concept of capitalism isn't inherently flawed, it's the unequal distribution of wealth that becomes the root of many global issues. For instance, many children inherit billions of dollars, while their true worth is incomparably smaller. Celebrities, on the other hand, amass fortunes without the vast amount of education and dedication required by doctors, who often face significant financial pressures despite saving lives.

However, it's not solely about blaming capitalism. Governments worldwide often perpetuate these disparities, leading one to question whether alternative systems like communism or socialism truly address the issue or might exacerbate it further by creating inefficiencies and lack of innovation.

Conclusion

Capitalism, with all its strengths and flaws, remains a topic of intense debate. While some advocate for its abolition, it serves as a cornerstone of modern economic systems. The challenge lies in addressing and rectifying the inequities that arise through this economic model. Addressing these issues likely requires a multifaceted approach rather than outright regime change.