The best economic system?

Question

Since Capitalism is undeniably and undeniedly about the concentration of wealth and power in the hands of a priveledged minority (Capitalist) and the oppression/exploitation of a disenfranchised majority (Proletariats), and thus nothing more than theft and slavery, how can anyone say it is the best system that there is, or even that it has any redeeming features?

Answer 1

I value my freedom. Capitalism is only a system, and as such, cannont be evil. It allows freedom to own property, it rewards innovation, and creates efficeincy. There has never been another society in all of humanity that has prospered under another system. Before you say China, take a hard look at them, making sure to note the freedoms, living conditions, and how closely they actually operate as a communist society.

Answer 2

Actually that is a good question and one I have also been thinking alot about lately.  Capitalism is all well and good; but to a degree it is not working for the poorer people who live in it.  Prices are going up and the paycheck does not meet them.  

I am beginning to think a delicate blend of other economic systems might not be a bad idea if one could devise one that would actually work.  Communism is not working well either and of course we all know what happened with National Socialism.

If we could take those 3 and take all the good things about them and leave the bad alone I do wonder what would happen?  

In regards to Communism you would theoretically have more of a protection for the people so that they don't go hungry and have a roof over their head.  A safety net of a sorts without all the restrictions.

Under Capitalism you would have the opportunity to make money; but at the same time maybe there should be some caps in place as in look at how much sports stars and movie stars earn.  To me that is outrageous while alot of us have to struggle just to make it.

As far as National Socialism is concerned, if the racial element were removed from it you would have loyalty and honor left and pride in one's own country.  I think these values are important as it leads one to be the best one can be and it will teach the respect that is lacking in many of today's youth and young adults.

These are why I think a blend could work as the pure systems no longer seem to be doing the best for all the people.  No, I am not a bigot just someone who wonders what a better way would be.  I do know something has to be done as the current Capitalism system is not working well.  Look at the victims of Hurricane Katrina and how slow FEMA was to act and yet they can go help other countries?  I am sorry; but help should start at home in our own country!

Answer 3

capitalism is the best... period...

stop crying and go be a capitalist you proletariat...

Answer 4

The thing about capitalism is that it will always be an accepted form of economics as long as the masses get some little inkling of a benefit from it.  The capitalists bankroll, but as long as you and I get something from it, then are we happy?  

It's an intricate manipulation from many points and has a lot to do with psychology.  Marketing and created wants and needs fuel it in a way.  We wish to obtain whatever suits our fancy.  

From an economic standpoint, new capitalism is inefficient in some scenarios.  If economics is about allocating resources to meet market needs, then why do we spend so much money on things like marketing?  What basic economic need is met by using limited resources on such a thing?  Old capitalism involved the entrepreneur.. someone with a vested interest in industry.  Capitalists evolved starting with J.P. Morgan in the late 19th century.  It was the first class in the economic sector that benefitted from nothing.  They created nothing and made profit.  

It isn't the best system there is.  We are using an economic theory that was made popular by Adam Smith in 1776.  Though there are mathematical models that simplify or refine what he said, the assumptions still remain true.  Perfectly competitive markets and rational behavior.. some pretty big assumptions.

It makes me somewhat frustrated that we choose to stay with something developed in the 18th century and refuse to let our ideas evolve.  There just isn't as much progression in Macroeconomics these days.

Answer 5

The way you word this seems like you have already made up your mind, but as a liberal hippie free market econ teacher I will see what you think of this.

Best is a subjective term and depends on your values. Capitalism creates wealth. A lot of wealth. An incredible mind-numbing almost sickening degree of wealth. In a model system the free market regulates itself and so on. The problem is the model rarely reflects reality, but nevertheless it has a good track record for creating wealth. Look at the world. The working peoples of capitalist nations have much better standards of living than most of the rest of the world. Color TV, Internet access, medicine, paved roads, schools, phone systems, etc. We take these things for granted, at least in America, we do. (I don't know where you are)

Socialism is good at making wealth equitable. Without socialism, or government regulation, than the wealth generated by Capitalism may be extremely concetrated, but social mobility still exists.

It is almost insulting to say after history has proven that Communism has failed repeatedly that our elders were too stupid to figure out the real solution. They have. Most economies today are mixed. They have capitalist systems with government interference to make sure competition, information, concentration, and rights are protected. When government do these things well, it allows free citizens to unleash their creative spirits. When it doesn't, it is A Day in the Life of Ivan Denisovich, or George Bush's cabinet, or some other economic failure.

To sum up, I quote Winston Chruchill when he spoke on democracy. "It is the worst system, with the exception of all the others." It may have its faults and warts, but how many times has america sent 50 million people to die as political prisoners, or caused starvation via collectivization of farms. No one forces you to give your land away to the government (5th amendment protections) and there is no slavery (13th amendment), and no one works for a wage unless the choose to. No one points a gun at your head to drop fries at a McDonalds.

You probably won't pick this answer, but guess what, if you aren;t going to listen, why did you ask?