We all know that in today’s capitalist economy, “the rich get richer and the poor get poorer”, yet despite the blatant lack of ethical thinking behind this approach we don’t seem to question it. The Office of National Statistics found that in Britain, the richest 1% own as much as the poorest 55% of the population, and trust me when I say inequality and growth don’t go hand in hand. Capitalism does not give us the economic freedom it so badly promised, instead, it entraps us in a world fuelled by inequality, overworking and pollution, or as Graham Vanbergen from TruePublica said, “selfish individualism, rivalry and rapacious indulgence.”
John Maynard Keynes quite rightly believes that “Capitalism is the astounding belief that the wickedest of men will do the wickedest of things for the greatest good of everyone.”
Yes, capitalism has its perks, just like most things in life. For example, it promotes a work culture, results in the best products for the best prices, strongly encourages innovation, allows people to own property and compete in the market. However, not only do these limited benefits apply only to a select few, but they can be quickly forgotten when reminded of the vast amount of the deteriorating effects behind capitalism. The level of equality amongst people, state of our environment, and democratic order are all at risk due to our ludicrous obsession with capitalism, with the idea of making money just to spend it.
Now, just because most of us are able to adapt to a capitalist economy, and compete in it, but it does not provide for those of us who lack competitive skills, like, the disabled, the elderly, or children. So, in fact, it is driving a wedge of inequity between us, not to mention that capitalism does not provide the “equality of opportunity.” Inequality of wealth in Europe and the US is roughly double the inequality of income, the top 10% have between 60% and 70% of all wealth but merely 25% to 35% of all income. In simple terms, those with better access to education, food, and all other external resources have more of a chance to penetrate the capitalist market and dominate a portion of it, often resulting in the poor distribution of wealth amongst social classes or the B.A.M.E communities. Inequality is in the best interest of capitalist conquerors sitting at the top of the food chain, all the politicians, big corporate giants and more, while the rest of us get trapped in a never-ending cycle of work-earn-spend.
Our planet suffers enough as it is, and capitalism is not helping, in fact, it is deteriorating the state of our environment. Socially harmful decisions are often made in order to save money, businesses big or small, spend much less by dumping pollutants or increasing their carbon emissions than they would if they invested in environmentally friendly technologies. A report from the UN in 2010 found that the world’s 3,000 largest companies cause around $2.2 trillion (around £1.4 trillion) of environmental damage every year. The report also found that if firms were forced to pay for the damage they cause, they would lose around a third of their overall revenue, and in an economy that is based on unhealthy competition, no one seems to be ready to make the sacrifice necessary to save our planet.
What we need to release that the conservation of the natural resources provided to us by the earth is far more important than man-made luxuries. Without any materials or a habitable planet for that matter, the individual capitalist struggles we all face won’t matter.
Capitalism and democracy were supposed to be a match made in heaven, and although that may have been the case in the earlier years, it is no longer the case. Nowadays in most countries where capitalism continues to flourish, democracy is slowly lagging behind. And that is due to one main outcome of capitalism, the acceleration of economic inequality. Many of us have been duped into thinking capitalism has awoken a new sense of freedom in us, as consumers and investors all over the world gain more control over the markets. But the truth of the matter is that capitalism disrupts the political order of democracy, as citizens feel powerless in raising worthwhile issues, like climate change, due to the importance big corporations own in today’s society. Essentially, those who don’t have their foot rammed right in the door of the capitalist market, feel as if their view does not matter, and sadly that is the case.
Yet, we can’t sit here and blame the right-wing parties or any government for that matter, because we all as individuals are quick to jump at every opportunity we have to make money or spend money. Now, I’m not saying there’s anything wrong with that because I myself just like everybody else love a little bit of toxic capitalist spending, but there comes a point where you have to g-check your personal values and ensure you are applying yourself to a system you believe in.
Capitalism has driven us to work for the constant demand to satisfy our spending needs, whether it be a mortgage, the latest iPhone or a Gucci handbag. The reason we work has lost its integral meaning of passion and enjoyment. Just think about how many people you know, maybe even yourself, that are convinced they need money, so they work dead-end 9-5 jobs, in order to buy things because that is the only way they can be happy. Even in unusual times, such as the Coronavirus pandemic, hundreds of people have felt the pressure to turn these times into a business venture, in an attempt to keep up with the capitalist economy.
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