Capitalism feeds our growing environmental issues, and is one of the main leading causes of depletion of good living standards. Capitalists will ignore externalities this type of economy will disregard harmful consequences for greed. Not only is capitalism is leading to increasing inequality, but also threatening the health of our planet, and resulting in social tensions that rapidly rise.
There must be a call for decreasing the wealth imbalance between the rich and poor. Capitalism generates monopoly power for firms, and creates great inequality between owners of firms and workers. This is another example where the rich get richer at the expense of everyone else. Firms with monopoly power take advantage of their position and charge inflated prices, similarly to monopsony, firms exploit their position and pay workers extremely low wages. A monopolist makes an unnatural surplus profit which leads to unequal income distribution in society. Further, capitalist societies empower firms to obtain monopoly ability in labor markets. Capitalism promotes disparity, resulting in an evil and immoral economic system. Therefore, capitalism fails to erect equality, and fails to produce equality of opportunity. The rich have no real merit, contrarily to the working class. People inherit extreme wealth or are born into a rich class, diminishing the fair and just, hard work. Capitalists like to argue that capitalism is fair because you achieve income for your labor, yet inheritance contradicts this. Wealth inequality is dangerously increasing. Capitalism is an evil system because it promotes wealth inequality, puts the health of our earth at risk, primary concepts of capitalism are not congruous with moral and non-secular codes. Middle class must abide and pay for public goods, even when they don’t have the wherewithal to fund it unlike the rich, who are in charge of capital and receive larger profit over time. The rich have successfully harnessed and protected their wealth, whereas middle class is burdened by taxation. Under this capitalistic economy, the wealthy become richer and richer, while middle class and the working poor endure the most taxes. This system is known to provide political liberty however, it leads to inequalities of wealth and income (capitalist economic system). Capitalism is characterized by lack of government intervention, free markets, and goods and services distributed without government price controls. However, capitalism came into full power post-Cold War victory and America succumbed to the system.
Capitalism is an economic system that rose to popularity in the middle 19th century and competed with two other prime economic systems: socialism and communism.
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