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Capitalism isn't failing, just time for a correction. It happens every 100 years or so like when they broke up the monopolies.
Trump is the epitome of capitalism run amuck. I hope he is seen as the reason we need to renovate our system to meet the modern times.
Could be. It is kind of failing but, yes, a correction might do the trick. The problem seems to be the rich getting richer and the poor getting poorer. That's probably an innate flaw in capitalism because there will always be people who are more talented, more intelligent, stronger (physically and mentally), start out at an unfair advantage, get lucky, have help from someone, etc. If capitalism means competition, then it's unfair to begin with.
How can some guy living in some time forgotten town somewhere in Maine compete with a guy born rich in NYC? How can someone from the suburbs, educated at a good college, compete with someone from a broken down city with a horrible school system? It's innately unfair.
By the same token, even someone who starts out with an advantage can run into bad luck, like catastrophic illness causing loss of employment or if their company goes out of business and they can't find another job.
Due to the inherent inequities in capitalism, we also need a safety net. Safety nets insure that those who are at a disadvantage to begin with and those who are unlucky later on, don't fall into poverty while those who are fortunate to not have any roadblocks in their way, cruise on to millionaire status.
The safety net would be a dose of socialism, a system in which we all chip in and those who need help, can get it. Too much socialism is bad/doesn't work because it takes away the incentive to work. But if it's fair (admittedly hard to determine what is fair) it will make for a better society in general. With some socialism infused into a mainly capitalistic system, even the less well off people can maintain a respectable lifestyle. They won't be living in slums or going without food. Their kids can have decent clothing to wear to school.
Capitalism is best, but not straight capitalism. It needs to have a safety net to back it up, making for a less cut throat style of living (I've got mine--who cares about you!) of kinder human beings as no one is "out to get" anyone else. They don't have to "get" anyone or destroy someone else's chances because there is enough to go around if we share some of it.
Could be. It is kind of failing but, yes, a correction might do the trick. The problem seems to be the rich getting richer and the poor getting poorer. That's probably an innate flaw in capitalism because there will always be people who are more talented, more intelligent, stronger (physically and mentally), start out at an unfair advantage, get lucky, have help from someone, etc. If capitalism means competition, then it's unfair to begin with.
How can some guy living in some time forgotten town somewhere in Maine compete with a guy born rich in NYC? How can someone from the suburbs, educated at a good college, compete with someone from a broken down city with a horrible school system? It's innately unfair.
By the same token, even someone who starts out with an advantage can run into bad luck, like catastrophic illness causing loss of employment or if their company goes out of business and they can't find another job.
Due to the inherent inequities in capitalism, we also need a safety net. Safety nets insure that those who are at a disadvantage to begin with and those who are unlucky later on, don't fall into poverty while those who are fortunate to not have any roadblocks in their way, cruise on to millionaire status.
The safety net would be a dose of socialism, a system in which we all chip in and those who need help, can get it. Too much socialism is bad/doesn't work because it takes away the incentive to work. But if it's fair (admittedly hard to determine what is fair) it will make for a better society in general. With some socialism infused into a mainly capitalistic system, even the less well off people can maintain a respectable lifestyle. They won't be living in slums or going without food. Their kids can have decent clothing to wear to school.
Capitalism is best, but not straight capitalism. It needs to have a safety net to back it up, making for a less cut throat style of living (I've got mine--who cares about you!) of kinder human beings as no one is "out to get" anyone else. They don't have to "get" anyone or destroy someone else's chances because there is enough to go around if we share some of it.
Well put, its encouraging to know their are still people out there that can see the bigger picture. I live in NJ and have a close friend in Gray Maine, we talk at length about how screwed up things are right now asking "Does anybody else see what is happening here?" the Elephant in the room.
I think education is what will help us out of this downward spiral we are stuck in. An Associate's Degree would get the younger generation out of the bubble they grew up in and help break the monstrous divide this country has succumb too throughout every region of this country. Some militarian like experience wouldn't hurt either to establish some self discipline and team building.
Education starts in the home by the Parents. When the parents grew up in a bubble, they don't know any different to teach their kids. Whether it is in a city like NYC, Los Angeles, Chicago or like rural Maine, North Dakota, Idaho kids don't have a choice where they are born and can never learn their full potential when all they know of the world is their immediate surroundings. The internet can be helpful but if not used correctly gives a false view of what the world is really like without personal communication and experiences.
Socialism was put in place to help people get through situations by circumstances out of their control, Like this past recession. I knew people that were diehard Conservatives that bashed socialism everyday collect unemployment, so it's not so bad when it fits "your" needs. The people that live off it by choice has destroyed the balance of the system like the generations of families that know no other way of life. Illegal Immigration taking from the system and working under the table does not replenish the pot, but that is all they know being raised in the society they are escaping. All the people with drug addiction, mostly started by over prescribing and pushing Pharmaceutical Drugs, are stuck in their bubble.
Capitalism does work when followed by the moral intent written into the Constitution and not exploited by the people in power.
Last edited by OpinionExperience; 12-14-2017 at 03:35 AM..
Capitalism is inherently unstable. If you don't oversee it, regulate it, and stop the excesses, you face very painful boom/bust cycles where the busts are very socially/politically disruptive. What is failing isn't capitalism, it's the oversight of capitalism.
That's probably an innate flaw in capitalism because there will always be people who are more talented, more intelligent, stronger (physically and mentally), start out at an unfair advantage, get lucky, have help from someone, etc. If capitalism means competition, then it's unfair to begin with.
How can some guy living in some time forgotten town somewhere in Maine compete with a guy born rich in NYC? How can someone from the suburbs, educated at a good college, compete with someone from a broken down city with a horrible school system? It's innately unfair.
I don't think those are failures of capitalism. I think those are failures of the parents to properly prepare their children for the world. If the individuals are not willing to work hard for themselves and their children, then no economic system will make their lives better. That is why people in both the inner slums of American cities and in socialist countries or dictatorships like Venezuela and North Korea are effectively in similar boats, metaphorically speaking. Some people just will not amount to much even if society tries to "level the playing field" which usually does more harm than good.
Like GeoffD said, successfully regulating the excesses of capitalism will help mitigate the disrupt cycles of unfettered capitalism but the wealth redistribution some big government proponents like to champion is more disruptive to human motivations and societal productivity. I agree with him that the regulation of capitalism has been off track for the last generation or so.
I think presidents of the last few decades have been trying to do damage control and not enough authority to really fix much. Their term is over pretty quickly, then it's the next guys problem and 1/2 the country hates him too.
I think it's short-sighted to assume that there are only two ways of looking at it.
Communism was a reaction to industrial capitalism of the 19th century. One of many reactions. It just happened to be the one that took off because it dovetailed with the agenda of some very committed revolutionaries.
Capitalism was a new thing 150 years prior to that, when feudalism & mercantilism were the dominant economic systems.
Economic systems are influenced by culture and technology as much as by supply and demand; people don't like to acknowledge that economies have a powerful cultural component. Ie: Fuedalism was driven by a powerful culture of hereditary privilege.
I think that technological change in the next 50 years will significantly impact the way we think about economics. Indeed it was technological innovation that empowered capitalism in the first place & shifted power away from landlords.
I think it's short-sighted to assume that there are only two ways of looking at it.
Communism was a reaction to industrial capitalism of the 19th century. One of many reactions. It just happened to be the one that took off because it dovetailed with the agenda of some very committed revolutionaries.
Capitalism was a new thing 150 years prior to that, when feudalism & mercantilism were the dominant economic systems.
Economic systems are influenced by culture and technology as much as by supply and demand; people don't like to acknowledge that economies have a powerful cultural component. Ie: Fuedalism was driven by a powerful culture of hereditary privilege.
I think that technological change in the next 50 years will significantly impact the way we think about economics. Indeed it was technological innovation that empowered capitalism in the first place & shifted power away from landlords.
I believe that too, how is what worries me. Where we are headed with Trump, the master of big business global corruption, will ultimately create a new economic system where a few crumbs are left for the working class.
Look at Dubai in the Middle East a perfect example of big business building a golden city and the rest of the country is still using camels for transportation.
Gilded Age: Mass immigration from Ireland and Italy
Today: Mass immigration from Mexico and the Middle East
Gilded Age: Anxiety about "Romanism"
Today: Anxiety about "Sharia Law"
Gilded Age: Politics polarized over alcohol prohibition
Today: Politics polarized over abortion and guns
Gilded Age: Partisan newspapers
Today: Partisan TV and internet
Gilded Age: William Jennings Bryan promising relief to in-debt farmers.
Today: Bernie Sanders promising relief to in-debt college students.
Gilded Age: Industrial factories changing society
Today: Silicon Valley, computer tech, cell phones, smart phones, and automated factories revolutionizing society
Gilded Age: Anger towards banks and politicians perceived as having sold out to them ("Bourbon Democrats")
Today: Anger towards banks and politicians perceived as having sold out to them ("neoliberals")
Every election in which the Electoral College and Popular Vote didn't match happened in the Gilded Age or the present. Most states always voted for the same party throughout the Gilded Age and most states always vote for the same party today.
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