Capitalism"Markets enable people to pursue their private interests through free exchange with others, but markets are not designed to take care of common interests such as the preservation of peace, the protection of the environment or the maintenance of the market mechanism itself. Such common interests require political institutions...." The Bubble of American Supremacy: Correcting the Misuse of American Power: Page 196 George Soros. Although Republicans would have you believe otherwise, Capitalism has its problems. There are booms and busts that are disruptive and largely caused by wild speculation, high leverage, lapses in regulation, and irrational exuberance. No one should doubt the need for sensible regulation now. The overarching goal of any economy should be to serve the people. Not, as we now have, a powerful elite. For anyone paying attention, there is evidence of widespread corruption. Corporations have a clear record of being bad citizens, yet our government is beholden to them. This has not only produced a military industrial complex intent on building an empire, it has been a strong force for fascism. (Fascism is defined as the control of government by corporations. We have that. ) Corporations can produce most of what we need, but they only employ a small fraction of the people. There is always an unlimited amount of work that needs to be done, but corporations can do a lot with just a few people. There is inexorable consolidation within every industry, so that market choices become limited, work force is reduced, There is even an increase in unpaid work. Media used to pay for talent, but more often 'reality' shows rely on volunteers. Interns are expected to work for a while before getting an actual paid job. Because the corporate mandate is only to produce profits, is a persistent downward pressure on wages. The lowest wages are prevailing in developing countries, so corporations, who have no particular loyalty or patriotism, migrate to the lowest wage, unregulated, environmental unprotected, countries. Where jobs can not be easily exported, there is an aggressive policy of union busting. Corporate media (almost ALL US media) sees all of this in a positive light. Our government is usually well paid to ignore the problems of the vast majority of people. Banks get bailed out and corporate America is well rewarded. The counterproductive side is that lower wages mean a weak domestic market. Wealth tends to accumulate into small groups who then use it to acquire still more. Wide wealth disparities are always accompanied by pathological social problems. Although there may be sufficient food and resources to provide the world population a decent standard of living, capitalism does not distribute it fairly. Poverty is persistent even when there are surpluses. As the environment deteriorates, as it seems certain to do given population, climate change, pollution, species extinction, urban sprawl, burning forests, melting glaciers, disappearing icecaps, etc. there will likely be resource wars, water shortages, and increasing food shortages. The best economy is a mixed one, where markets are transparent and well regulated. We could learn a lot from techniques developed in Scandinavian countries.
Capitalism is Dead, Long Live the Millionaire Bailout Society: (2/22/2010) How Free Market Delusions Destroyed the Economy Why Global Capitalism Crashed (10/7/2009) Consciousness Capitalism: Corporations Are Now After Our Very Beings
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