Posted 7 years ago on Nov. 9, 2012, 5:32 p.m. EST by struggleforfreedom80
This content is user submitted and not an official statement
”I’m not against capitalism; I just think it should be regulated more”. This is an opinion shared by many people. I don’t agree with this. Yes, we should absolutely start to regulate corporations and the financial sector more, but eventually the current state-capitalist system should be not just regulated, but abolished. Capitalism, no matter how it’s organized or regulated, is intolerable; it must be dismantled. Here’s why:
- Capitalism is undermining democracy
In Capitalism it is the financial elite and the huge corporations that have the overwhelming power in society. They control the important resources and the stock market; they have a huge influence and power in the economy, yet we’ve never voted for them. Wealth and power is very highly concentrated in the hands of a non-elected minority who make huge decisions that affect the entire society and our lives. This is highly undemocratic.
Not only are the rich and powerful in an undemocratic way controlling the economy as a whole in huge networks of transactions, investments and stock exchange, they also rule the institutions in society in a totalitarian way. The economic institutions in a capitalist society have a totalitarian model: a tyrannical non-democratic hierarchy in which the people at the top – the CEOs, board of directors, owners etc – dictate how the institution is being run, what’s being produced, working conditions and so on, while people further down the hierarchy must follow their orders. Capitalist institutions are in other words private tyrannies. These structures are not in any way resembling democratic organization.
- Capitalism is exploitative
One of the hallmarks of capitalism is that the means of production are privately owned by some individuals, while others do not have this ownership. In other words, some own the means of production others are using. So it’s a system in which the ones using the means of production must sell their labor to these owners in order to have a relatively decent life. The owners can then make a profit from other people’s work by just owning. This happens when the value of the worker’s pay is less than the value that was added thru his/her work in the paid hours. That creates a profit for the owner of the means of production who did not create the value, but still gets paid in the form of profit. This profit is hence capital for future investments and more profits. So, the capitalist is making money simply by just owning, not adding or creating value. Since a capitalist economy is based on the need for growth and profits for the investors and owners, this method of exploitation – profiting on other people’s hard work – is of course used by more or less all of them. This exploitation is in other words just a logical result caused by the capitalist system. And we see this all over the place, from poor Indonesian girls working in Nike factories for 50 cents an hour, to people in America working for minimum wage for companies whose profits are skyrocketing.
- Capitalism is demoralizing and encourages greed
Cooperation, solidarity, altruism etc. are essential and fundamental elements of our nature, but these things are being suppressed to a large extent in Capitalism. In today’s (especially Western) societies things like greed and consumption are being encouraged. In fact, capitalism requires corporations f.ex, to only think about the "bottom line". If they don’t, they’re out of business, and corporations that do think profits and greed replace them. A society like this will of course produce a lot of greedy and immoral individuals. Capitalism encourages greed and tries to manipulate us into mindless consumption. Take advertisement f.ex: Corporations spend huge amounts of money on pumping us full of this garbage almost everywhere we look, whether it’s TV, radio, internet, newspapers etc etc. This propagandistic capitalist system is a highly unnatural phenomenon; it’s been a part of human history for an extremely small amount of time, yet it affects us, many of us in a huge way. Capitalism demoralizes humans. This is unacceptable.
So as you can see, there shouldn’t be anything controversial about wanting to abolish capitalism. A system that’s undemocratic, tyrannical, exploitative and immoral shouldn’t just be fixed or regulated, it should be dismantled. Capitalism must be abolished and replaced by a libertarian socialist society in which the communities and the economic institutions are run democratically by the participants; a society where the people participate in the decision-making and are in control of their own work, life and destiny; a system of solidaric and cooperative communities that benefit everyone and focus on people’s needs instead of short term profits. Capitalism should be abolished and replaced by democracy.
..and here's how we can do it: