critiques of capitalism

critiques of capitalism


Economic Justice Has Gotten Worse Since COVID-19

economic justice March 9th, 2021

Is the American “capitalistic” system fair and functioning well? What makes a society good and economically just? Does America show satisfactory respect for the dignity of its citizens based on the economic system is created? Have things gotten worse since the COVID-19 pandemic? Whether wealth and income inequality are fair and morally justifiable hinges on what one believes about the nature of the socio-economic system in question. The 18th century theorists of great renown, Jean-Jacques Rousseau and Adam Smith both have opinions relevant American-style capitalism, economic justice, and rights/fairness. In the end, I do not believe either would see a justification for the “capitalistic” system America has created.

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A Millennial’s Political View of America

political February 24th, 2020

Millennial’s typically don’t have much political power. Whether this is because the “old guard” of mostly “baby boomers” is slow to relinquish control, or “Gen X’ers” are ahead of Millennials in the slow-to-change power structure is not clear to me. It’s becoming increasingly clear, though, that the old needs to make way for the new. I know, it causes the grey-haired, well-heeled set heartburn to think of letting a new generation of Americans take a shot at holding political power, but let’s face it: we’re not in a great position in 2020. Some would say we are looking at the mid- to final-stages of a long, grueling decline from cultural and ideological dominance of the world. From China to climate change to big money granting political power, the future is not necessarily going to be brighter than our past. And this might be the first time since maybe 1929-1945 that Americans have felt this way. Certainly, we have come a long way from union jobs, putting a man on the moon, virtually inventing the Internet, and little national debt! What follows is a personal political philosophy I think is characteristic of Millennials, those who were born in approximately 1990 to 2000. Think of it as a possible answer if I were to have asked a 25-year-old what they think of the United States, “socialism”, why they like Bernie Sanders more often than not, and where they see us going in the short term: 

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Critiques of Capitalism (Part 1)

critiques of capitalism January 30th, 2020

This blog is based on a paper entitled: Critiques of Capitalism. It is one of five parts in a series that takes a long, hard look at the economic system we have in modern America. Whether it goes by the descriptor free-market capitalism, laissez-faire capitalism, neoliberalism, classical liberalism, libertarian economic philosophy,  or its illegitimate children – crony capitalism, supply-side economics, or trickle-down economics – the economic theory that America is based on has a long, significant, storied past. Here is the introduction to the paper, Critiques of Capitalism:

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The Profit Motive, Deregulation, and Financial Crisis

December 20th, 2018

I just watched a great documentary by Vice on HBO called Panic: The Untold Story of the 2008 Financial Crisis. Anyone who watches that, The Corporation, Inside Job, Margin Call, and The Commanding Heights will be well-schooled on how the financial services industry works and how it fails to work. In this blog, I want to briefly describe the Great Recession and the resultant Tea Party movement, which is tied in to the Trump phenomenon. The profit motive, financial deregulation, elitism, politics, and the Great Recession have something to teach us if we are to avoid another, potentially catastrophic meltdown. 

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Is Capitalism a Sustainable Economic System?

is capitalism a sustainable economic system? August 23rd, 2018

Is capitalism a sustainable economic system? There are many facts, opinions, and even biases held by countless people. Everyone has heard “Socialism is _______” or “The problem with capitalism is ___________.” This is certainly a question that interests me. I tend to come down on the side of capitalism where it meets democratic socialism. That is, the government (comprised of responsible and accountable citizens) owns some public resources, and individuals and to some degree corporations own the remainder. The amount of money that one can make from profit-seeking ventures is limited by a very progressive taxation scheme. One of the sharpest minds is the liberal author, professor, and former Secretary of Labor, Robert S. Reich, and he wrote a book, Saving Capitalism, that helps to answer the critical and timely questions, Is capitalism a sustainable economic system? Is capitalism just and fair? What can socialism and other approaches offer capitalism to help preserve the planet, care for people, and yet allow profit-making? This blog features Robert Reich quotes from his very readable book, Saving Capitalism.

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A Case for Socialism in Modern America

socialism August 9th, 2018

There are few topics in the United States that get beat down like a hammer pounding a nail into a board than socialism. It’s as if the very word is a curse or slander of something dear to you. One hears: “Socialism in the US, I’d rather DIE first!”; “You’re a Socialist?? then go live somewhere where you’re wanted!”; “Creeping Socialism is like weeds in a garden; once it gets started, it spreads everywhere!” In this guest blog, economist and author Carl Conrad opines on what socialism is, what it isn’t, and why it is a necessary and useful bulwark against runaway capitalism.

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Volkswagen Cheated Simply to Make More Money

Volkswagen February 14th, 2018

I learned about Volkswagen’s cheating on diesel emissions a year or two ago. It wasn’t until now that I watched a wonderful documentary on the debacle, Alex Gibney’s expose featured on the Netflix series, Dirty Money. It was outlandishly bad corporate behavior. In this drama, however, the State and Federal authorities were the good guys. Here is my take on it, and a few quotations to channel my feelings about it.

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Government Is Good, Professor Amy Believes

government December 10th, 2017

Professor Douglas J. Amy is a Professor of Politics at Mount Holyoke College. On this page, he writes a long and complete blog entitled “Government is Good: Capitalism Requires Government.” Based on my understanding of economics, politics, and the like, I would agree. He has allowed me to hit the highlights here in this blog (his words in blue). Herein you will find some good stuff, such as this quote about government from Professor Amy: “Americans need to realize that our economy has thrived not in spite of government, but in many ways because of government.” Along very similar lines, this time by a noted conservative, David Brooks: “The biggest threat to a healthy economy is not the socialists of campaign lore. It’s C.E.O.’s. It’s politically powerful crony capitalists who use their influence to create a stagnant corporate welfare state.” I for one am interested in a government more like European welfare states and social democracies. We need grassroots change so that government responds to the peoples’ needs, not moneyed interests. This is the progressive hope. Read further to hear plenty from Douglas J. Amy, Ph.D. and also from individuals such as Robert Reich, Joseph Stiglitz, Jared Bernstein, Ralph Nader, and Gar Alperovitz. Let us see if we can convince you.

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Critiques of Capitalism (Part 5)

critiques of capitalism November 8th, 2017

Whether it goes by the descriptor free-market capitalism, laissez-faire capitalism, neoliberalism, classical liberalism, libertarian economic philosophy,  or its illegitimate children – crony capitalism, supply-side economics, or trickle-down economics – the economic theory that America is based on has a long, significant, storied past. There are, however, many critiques of capitalism, based both on theory and on actual results. This blog is the conclusion in a series of five entitled Critiques of Capitalism.

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Critiques of Capitalism (Part 3)

critiques of capitalism November 8th, 2017

Capitalism is supposedly superior in every way to Socialism, Communism, anarchism, and different types of welfare statist capitalism adopted with much success by social democracies that represent much of Europe. There are many critiques of capitalism, based both on theory and on actual results. This blog is the third in a series of five entitled Critiques of Capitalism, and represents my argument that the system which has naturally evolved is unfair, unsustainable, arbitrary, and cronyistic, and therefore a hybridized system is superior to free-market or crony capitalism.

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