I am not a socialist, but there times I wish I was because I worry about what capitalism is becoming. In one of her blogs, Hailey of Wild Bloom describes me as “a full-blown capitalism critic and “future predicting” millennial” which is true. I had planned to do this piece but after reading “Advocacy Week: Access to Justice & Poverty Reduction” by Miss Nsatu of Nsatu-rated Thoughts blog I decided to take a different path. This piece is for the New school and New Economics partly. I am not against capitalism but I strongly advocate for it’s reinvention.
Before I go further a blogger can not be a brand but their blog can be a brand. Let’s not commodify each other. Brands are rebranded, can you be rebranded. Brands have an expiry, what happens to you when you expire.
In Miss Nsatu’s piece, she did talk about the gravesites of problems for humans. Let me rant in this a bit. The origin of all inequalities and suffering is caused by capitalism. Not defining it but I will say a line about the economic system. It’s one where a tiny fraction of people in the world own and control all resources, products, and their only objective is to maximize profits for themselves. This is outrageous or even sad for a human with as fully functioning mind.
How is capitalism tied to poverty and any other suffering? In the bid to scramble for profits capitalists will look for materials and resources for production lines. This means they have to ensure military superiority through aggression. Have you wonder why wars are fought in rich countries in terms of resources. These wars cause all kinds of bad situations like those in Miss Nsatu’s blog. Capitalism doesn’t stop to at was, but there is mass debt, destruction during land battles as they seek for raw materials.
Capitalism works for the rich, how do you explain someone earning 1,000 times more than another. Do they work 1,000 time better? No, sometimes its luck. The rich get richer while the poor stay poor. That is because rich people, who potentially already have capital, have a substantial agile wealth over those who start out with nothing. The poor cannot catch up because their annual incomes often only just cover the bare necessities. This leads to increasing inequality within and between societies globally.
To reduce costs, companies under capitalism move their production where it’s cheapest – even if that means moving it to the other side of the world. This means that people in rich countries may be able to buy more for their money and improve their standard of living. However, the “cheap labor” in developing countries often suffer appalling working and living conditions(did Apple deal with the child labor saga in China) please I am just concerned.
Capitalism splits the world into two groups.. those who own the means of production, such as factories and firms, and the workers, who sell their labor in the wave of commodification. Capitalists make money based on the labor force of the workers. Since capitalists own and run the company, they get to decide what to do with the money earned with workers’ labor and get to keep the rest as profits. To put it bluntly, capitalists exploit the labor value which is not equal to the price.
When wages are increased jobs will go up, but capitalists don’t believe in that. When people are paid more they will be able to consume the products they produce, which play into increasing demand which can be offset by employment to level up supply.
Climate change, biodiversity loss and plastic pollution are some of the biggest environmental dangers confronting the world today, and capitalism has played a huge part in creating all of them. As profits are chased the greed is destructive.
Capitalism is correlated with the discriminatory dispersion of wealth and power; an inclination toward market monopoly or oligopoly imperialism, wars, and various forms of economic and cultural exploitation.
There is no equilibrium, capitalism is outdated and if humans don’t reform it, it will stick to a monster it evolved to after the 2008 financial crisis.