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Capitalism is an economic system that rose to popularity in the middle 19th century and competed with two other prime economic systems: socialism and communism. However, capitalism came into full power post-Cold War victory and America succumbed to the system. Capitalism is characterized by lack of government intervention, free markets, and goods and services distributed without government price controls. This system is known to provide political liberty however, it leads to inequalities of wealth and income (capitalist economic system). Under this capitalistic economy, the wealthy become richer and richer, while middle class and the working poor endure the most taxes. The rich have successfully harnessed and protected their wealth, whereas middle class is burdened by taxation. Middle class must abide and pay for public goods, even when they don’t have the wherewithal to fund it; unlike the rich, who are in charge of capital and receive larger profit over time. Capitalism is an evil system because it promotes wealth inequality, puts the health of our earth at risk, primary concepts of capitalism are not congruous with moral and non-secular codes.
Wealth inequality is dangerously increasing. Capitalists like to argue that capitalism is fair because you achieve income for your labor, yet inheritance contradicts this. People inherit extreme wealth or are born into a rich class, diminishing the fair and just, hard work. The rich have no real merit, contrarily to the working class. Therefore, capitalism fails to erect equality, and fails to produce equality of opportunity. Capitalism promotes disparity, resulting in an evil and immoral economic system. Further, capitalist societies empower firms to obtain monopoly ability in labor markets. A monopolist makes an unnatural surplus profit which leads to unequal income distribution in society. Firms with monopoly power take advantage of their position and charge inflated prices, similarly to monopsony, firms exploit their position and pay workers extremely low wages. This is another example where the rich get richer at the expense of everyone else. Capitalism generates monopoly power for firms, and creates great inequality between owners of firms and workers. There must be a call for decreasing the wealth imbalance between the rich and poor.
Not only is capitalism is leading to increasing inequality, but also threatening the health of our planet, and resulting in social tensions that rapidly rise. Capitalists will ignore externalities; this type of economy will disregard harmful consequences for greed. Capitalism feeds our growing environmental issues, and is one of the main leading causes of depletion of good living standards. Firms will ignore pollution from production because their desire for wealth and power is potent. This greed-driven system is bound to be our own self-destruction. The former Deutsche Bank managing director and founding director of Corporation 2020, stated “negative externalities are basically the public costs that come from the pursuit of private profit”. The planet can no longer sustain the power-machine that capitalism is; the commanders of finance, economics, and huge industries have fabricated and assembled a suicide machine.
In conclusion, capitalism is a bad system because it locates the desires of business above the wellbeing of an individual. He creates a polarized civilization in which the inclinations of the few are more significant than the needs of the many, and self-interest goes to the extreme and transcends moral boundaries.
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