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Living in a world where the battle for supremacy has been a pressing matter for centuries, with the constant change in the world’s economy as well as changes within individual nations’ governments except a very few, there is bound to be some debate as what is considered to be right and what is considered to be wrong form of government. At the heart of this economic discrepancy lies the question that all humans must ask themselves-socialism or capitalism? Socialism by definition is when a government creates laws to regulate which types of products are produced and how those products are produced. This is believed to produce the highest quality product that will best meet the needs of society.
This system is usually associated with higher taxes and fees that are used to provide for the needs of the masses. For instance, healthcare, retirement, and community facilities are some of the benefits of a socialist ruler. Capitalism is when a government abstains from interfering with businesses. Businesses are free to make decisions about how their companies will be run without government interference. Capitalism is an individual-oriented system; individuals own and control the economy and also they have to pay for things like healthcare. In Danny Katch’s book ‘Socialism …Seriously’ he opened the chapter by stating that ‘Socialism is a good idea, but it doesn’t work in practice, and humans are too greedy for it to succeed’ (Intro. VII). This statement, at first sight, seems biased until one becomes familiar with the concept of socialism and its views on society then it becomes clear that the idea of a socialist government running a country might work.
Socialism traditionally understood society in terms of unequal class power, and economic property divisions being deeper and broader than any other social bonds. Karl Marx, the founder of this concept believed that society is characterized by class struggle and argued that the only stable society is a classless one. All people are considered equal, and there is no true government in place as it becomes unneeded within society. Many capitalists disagree with the concept of socialism. While socialism views society as unequal, and wealth should be distributed equally; Capitalism on the other hand advocates individual property rights and property is privately owned the core of capitalism is an economic system based on open competition in a free market, in which individuals and companies own the means of production and operate for profit. ‘ Social Darwinists proclaim that nature favors the strong over the weak, and therefore the gross inequality of capitalism can never change’ (pg28).
This proves that capitalism is one of the most destructive forces in human history. It has brought unimaginable poverty and suffering to many people across the world and is built upon the exploitation of the classes that produce its wealth. It is a system that allows hundreds of people to starve every day and continuously creates wars in every part of the globe. It is a system that creates artificial scarcity in an era of overabundance. Capitalism perpetuates and worsens existing forms of inequality while also creating new ones at every opportunity. It is a system that denies even the most basic forms of shelter to millions of people while allowing a small minority to live in luxurious mansions (as illustrated by the movie Maquilapolis as well as Mardi Gras from class). It is a system that allows the wealthiest 1% of individuals to control more wealth and resources than the other 99%. It is a system that depends on deception, indoctrination, and coercion to survive. It encourages and rewards traits like greed, selfishness, and jealousy. ‘Freedom isn’t Free’ (pg37).
Regardless of which system one prefers, it’s safe to say no one socioeconomic theory can stand on its own individually in the future. A society with a combination of both socioeconomic systems might be the answer to what society has been looking for. The biggest current ‘crisis’ facing humanity, is that we (humans) forget that no one individual can exist without relying on another person, and modern society has made it possible to lock your door and keep the world out… but even then you are relying on others. Who made the door you locked? Who grew the food you eat? You need others, we fail to realize the many generations we hope are yet to come. Not those who will live the next 80 years from now, but instead the ones 200 or 500 years from now. I use the word ‘hope’ because society faces risks, called existential risks, which threaten to wipe out humanity. These risks are not just for big disasters, but for the disasters that could end history in general. We are currently in a world filled with privileges, with huge cooperation and a CEO in a position that could potentially change today’s society. Human activity has been steadily shaping the future of our planet; with corruption, underdevelopment, unemployment, poverty, global warming, and most importantly inequality being a few of the many issues that seek our immediate attention. Even with recent improvements, society seemed to slip further behind with no signs of progress shortly. The ideology of socialism or capitalism is an institutional framework of both individualism as well as privatization, free markets, free trade, and minimal government interference. The way neoliberal globalization has been implemented has tended to favor developed countries at the expense of developing countries. The emphasis on capital flows, investment, and high-skilled labor and the export protection of developed countries ensured that only a very few elites in developing countries would be successful in the world economy. This had important repercussions on social order in developing countries and ultimately helped to generate slums. A good example of the above claim would be the movie Maquilapolis from Class, it demonstrates the misconception, and pollution huge corporations bring to small cities that eventually turn into slums, and consequently, these so-called corporations move on to the next available city that provides cheap labor, and is available for pollution; I.e. Sony factory from Mexico to Indonesia. The transnational capitalist class has made it impossible for individual nations to sustain independent economies. Subcontracting such as sweatshops makes it easier for transnational corporations to make products. The transnational capitalist class is the global ruling class and is leading the direction right now. Its primary advantage is its involvement in globalized products and they are also the owner of the major productive resources of the world.
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