I'll just let the question stand before I spout off.
I hear alot of people speak disparagingly about Capitalism.
I'd like to hear your opinion before I give mine.
Terry
CAPITALISM: Do you know what it is? What is your opinion?
by Terry 89 Replies latest watchtower beliefs
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peacefulpete
Capitalism in purest form is unworkable. Market forces alone can never be trusted to be responsive enough to the needs of the underpriveledged, or farsighted enough to forestall predictable social and environmental harm. All real world democracies are a mix of socialism and capitalism for this reason. The left and right are of different opinion as to what mix would be best for everyone. Superficially "priorities" seem to be at issue, but in reality most all on both sides would place highest priority to human rights and longterm social health. The camps then are separated by perception and education rather than ethics as is commonly claimed.
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kwintestal
Capitalism is an economic system. Unfortuneately it works by exploiting both human and natural resources. It commodifies everything of value, ideas and vital resources, as well as the social safety net.
Capitalism also creates two distinct classes:
1. The working class whose labour is exploited, and limited to wage slavery
2. The ruling class which is the elite minority.
Those who rule monopolize economic, scoial and political power at the expencs of labour, the envrionment and human rights.
These 2 classes are oppossed to one another as the degree that the worker or the environment is exploited is the degree to which the boss turns a profit. Workers find themselves in conflict with those in power, as their own goals reflect a common good, as opposed to the self motivated interests of the ruling class.
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czarofmischief
Capitalism is an economic system where the creation of wealth is the primary undertaking of all individuals. It is by far the most superior system ever yet devised by man for the creation and distribution of wealth. It responds the quickest to market needs, it allows the greatest amount of economic freedom, and it provides the only discovered way for social elevation through individual effort.
Is it perfect in this regard? No. Obviously, the unforseen can happen, and then a certain amount of socialism is involved. Insurance, if you will.
Environmentalists decry capitalism's use of resources. But it is interesting to note that capitalism is the only system that produces enough wealth to clean up after itself. For instance, if it weren't for capitalism, nobody would plant any trees because there would be no economic benefit to ensuring that wood resources are still available in fifty years. And who could afford to clean up a strip mine but a capitalist?
Capitalism also creates two distinct classes:
1. The working class whose labour is exploited, and limited to wage slavery
2. The ruling class which is the elite minority
That is a Marxist myth. The truth of the matter is that various manipulations of the free market, like unionism, can harness the power of the wealth generator and distribute it to all parties involved in its creation.
Before you begin speaking Marxism, you'd best be aware that it doesn't work. Not at all. Not in its premises, expectations, or its WT-like predictions. It reverts all mankind to the tyranny of the lazy; the age of the warlords. It is a religion that has killed more people than any other.
CZAR
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Devils Advocate
BRAVO CZAR!!! You have done an excellent job explaining capitalism!!! My hat is off to you!
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Terry
I'll weigh in soon--but, I want more---MORE!
Surely the rest of you have an opinion on Capitalism!!
Terry
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logansrun
When people discuss political economy they usually fall into two categories: Those who want unrestricted laissez-faire capitalism and view it as some sort of panacea, and those that deride it mercilessly without offering anything better to take its place. Like most dichotomies, this too is a false one. A nice middle ground, in my opinion, is free trade with a social safety net for workers, along with government intervention in the form of penalties, tax breaks and tweaking of the market. Paul Krugman is the most rational and humane economist that comes to my mind.
B.
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Double Edge
Web definitions for capitalism Economic system in which goods and services are produced, exchanged and owned by individuals with minimal governmental regulation. -
roybatty
Simple. It's the law of supply and demand.
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Euphemism
kwintestal:
Capitalism is an economic system. Unfortuneately it works by exploiting both human and natural resources.
Actually, all economic systems work by exploiting human and natural resources.
Capitalism also creates two distinct classes:
Again, true but tautologous. There has not been a classless economy in the recorded history of humankind. Even hunter-gatherer societies have status hierarchies that affect the distribution of scarce resources.
These 2 classes are oppossed to one another as the degree that the worker or the environment is exploited is the degree to which the boss turns a profit.
By this definition, all trade is exploitive (see above). In addition, this description is grossly incomplete, for two reasons: 1) Capitalism is non-zero-sum, as witnessed by real GDP increases; 2) zero-sum relationships exist just as much among the classes of workers and capitalists as between them.
Workers find themselves in conflict with those in power, as their own goals reflect a common good, as opposed to the self motivated interests of the ruling class.
Since each class (and each individual in each class) represents their own interests, this statement is an utter non sequitur.
Czarofmischief, great post, and I agree with your position, but I do have to disagree with one point:
it provides the only discovered way for social elevation through individual effort.
Plenty of other systems, such as militarism or technocracy, also allow for social elevation through individual effort.
Logansrun, if you read Krugman, then I would highly recommend the writings of Brad DeLong as well.
