Criticism of Capitalism

The reason why you have people transitioning from one job to another is all because of capitalism which promotes income inequality, social inequality, unfair distribution of wealth and power, economic inequality, unemployment and economic instability. Capitalism creates very large concentrations of money and property at the hands of a relatively small minority of the global human population.

The majority of criticisms against capitalism is the profit motive centre on the idea that profits should not supersede the needs of people. The capitalists are constantly increasing exploitation. They talk about increasing productivity, when in reality what they mean is profitability.

For example, the healthcare industry emphasizes on profits at the expense of patients. Another example is the education industry around the globe that capitalizes on profits at the expense of students who want to learn but can't afford to get a decent quality education without financial support either from a bank or by any other private means.

Many aspects of capitalism have come under attack from the anti-globalization movement, which is primarily opposed to corporate capitalism. It has also destroyed traditional ways of life, exacerbated inequality and increased global poverty. The salary wage gap between the CEO and the ordinary workers is extremely huge as well.

People would also be surprised to know that many different religions such as Judaism, Christianity, and Islam forbid lending money on interest. Many Christians have criticized capitalism for its materialist aspects and its inability to account for the well being of all people.

In addition, Pope Francis attacked capitalism as a "tyranny" that judged human beings purely by their ability to consume goods. The Pope said that the "dictatorship" of the global financial system and the "cult of money" were making people miserable. If my memory serves me correctly the financial crises that occurred in 2007-2008 was most likely caused by the negative effects of capitalism.

The reality is that capitalism no longer exists in its true form in any western country. In fact, it doesn’t exist in any mutated form. For as much as the west and its politicians claim to stand behind capitalism, western countries are some of the least capitalistic on earth. Politicians like Elizabeth Warren denounce capitalism, while Barack Obama tells business owners “you didn’t build that." Hating capitalism has become more and more popular in the West, and it is having an impact on the culture. Everything from Occupy Wall Street rallies to socialist politicians demanding that the “evil rich pay their fair share” has set people off against the free market.

For those people who wish to replace capitalism with a different method of production and social organization, a distinction can be made between those believing that capitalism can only be overcome through revolutionary socialism and structural change can come slowly through democratic socialism. Socialism means production for the satisfaction of human needs and not for the sake of private profit. That is the essential difference between capitalism and socialism.

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