What are the Economic and Moral Criticism of Capitalism

[Ariadne]

I take back all I was saying on communism being the only kind of government safe for the international community though I do still beleive that its much better than capitalism I think the best from of government is socialism for evidence look at swedan and then look at the U.S (ones economy is not crumbeling)

[Sophist]

Salaams,

 

It has been a while! I have been vising this bohemian-like Somali corner of the net. This come back have been prompted by having a life chat with one of the heavyweight last nigt!. Anyhow, Thanks all who have had the apportunity to contribute!.

 

Sophist

[Libaax-Sankataabte]

Sophist, glad to see you back to the "bohemian" site ...

I am gonna get criticized by the "artsie haters" for agreeing with your discription of this nomad site. Why? well, the correct definition of

 

Bohemian: is a person with artistic or literary interests who disregards conventional standards of behavior

 

unless the "conventional standards of behavior" for the somalis on the net is "INSULTS, ATTACKS, ETC". looool.

[Samafal]

Islamic way of governering is the best.....ecenomy is divided betwen the poor and the rich and have kind of similirity with the socialist ideology since i think they derived some of their thinking from the Kuran. But then there is the social differences you have as in islam liberty is controlled so that it should not cross the borders like you have homesexuals in public in some of the western world.

 

So my advice is '' NO TO CAPITALISM, NO TO SOCIALISM AND NO TO COMMUNISM.......ISLAM IS THE BEST

[Sophist]

THe man who touched (touches) the nose of the She lion-

 

Something like that brother!

---

 

Yacquub,

 

I couldn't agree more, though the point of discussion was not to compare Islam with other idiologies! but merely excercise a psuedo-academical Discourse.

 

Sophist

[raula]

iam pure anti-capitalist...neither iam to support communism or anarchy.....capitalism, might seem like the way to go for many economist..since it opens foreign investing to many third world countries...but do you know that all of this companies are exploiting the profits due to cheap labor, needless to say that they r causing health hazards and pollution apart from suppressing workers' rights?? indeed large co-oporations has been supported by IMF or the World bank( which happen to only benefit already developed countries),while sinking our beloved continent and other third world countries into massive debt.....(Read bout the Argentina crisis to get more in depth report on how really corrupt this system organizations are).....

 

To be honest...this world is like a master puppet theater, and we r being manipulated(especially third world countries/undeveloped nations)...by the puppet master(the west etc)....by they illusions of market socialism.......capitalism omits such issues as colonialism out of its context...therefore making it not a viable market solutions....

 

I dont know much bout islamism...but I would say as long as we have human differences....differences in opinion will still vary and not be simultaneous.....

 

undisputed author bout capitalism.....Hernando DeSoto.....

[asiya]

socialism will never work.

capitalism is here to stay 4 sure.

[La Fidele]

Finally, a topic that tests my what I've learnt so far in school! Sophist, to respond to your original question: economically, there really are not many critiques of capitalism. Adam Smith was the greatest supporter of this type of system in which the government practiced "laissez-faire." Keep in mind, however, that there is not one country that has practiced this completely. On a scale, though, the US is closest in terms of similarity. The social inequities that result from this system are regarded as almost inevitable, since there has to be individuals who are the workers, others who are the owners, etc. I see that some people are suggesting communism to be a better solution, but I think they're confusing a political ideology with economic theory. The economic opposite to a capitalist economy is a command economy (practiced by the former Soviet Union, China, etc.), and history has clearly proven the faults of this type of system. Sophist, you mentioned market socialism, the route that China is currently testing, because they have also realized the great faults of a command economy.

I want to emphasize that the most stable economic system is one that is based on a free market. When humans attempt to manipulate and control beyond their powers (eg. Soviet communism), we know very well the outcome. As China incorporates free market characteristics into its otherwise planned economy, they're hoping to avoid the fate of their doomed counterpart.

One more thing, let's not confuse socialism with communism, or even socialism with welfare states (Daanger, you said Sweden is a socialist state, but it's really a social democracy (like Canada) with an extremely developed welfare state). And in terms of healthcare systems, the US system is only advanced by a tiny margin from that of Cuba's (I believe their rankings are 27 and 29).

I'm sorry to have written so long, but this is really a loaded question.

Anyways my point is that a free market is the only truly stable system, and perhaps even more equitable since the laws of supply and demand allocate resources accordingly. My ideal system? A social democratic welfare state with a free-market economy.

[Thinkerman]

A social democratic welfare state with a free-market economy.

 

Is their any country practicing this system of governance in the face of continued Globalization?

And the pressures that cme with it (Glob).

[La Fidele]

Shujui,

 

Well, Sweden first comes to mind. Then, in no particular order of who is MORE of either, France, Italy, Canada (yay! ), Germany...even the UK and US.

I don't think globalization has had as much an impact on welfare policies as trade policies. Of course, though, these welfare societies are facing pressure of providing these services to growing populations.

This may not answer your question completely---maybe you have a different definition of a socially democratic welfare state with a free market---at least I tried!

[Thinkerman]

maybe you have a different definition of a socially democratic welfare state with a free market---at least I tried!

 

a different definition errhgg no lol, i take you point the examples you provided we good.

[AUN]

The debate over the moral criticism of capitalism is quite a lively and on going one The main features of capitalism and what it entails are entirely based upon the concept of the free market and its advocacy of freedom of ownership. It has come to symbolise financial and economic liberalisation, including the abolition of tariffs and protectionism, the free movement of capital and the privatisation of state assets. Capitalism can therefore be simply described by an internationalising of the aforementioned doctrine and its components as nearly all countries economies have become linked via many ways such as through stock markets which has given rise to the term of a global economy.

 

The concept of a free market is a central tenet of the Capitalist ideology. Japan, the European Union and America have been the most ardent supporters of globalisation. Some of the major financial institutions within America have demonstrated their immense influence over the government and its policies. The United States like many European countries actively seek openings for these groups. This can be clearly seen in the appointment of Robert Rubin, the former head of Goldman Sachs a major financial institution as the American Treasury Secretary with considerable influence within the administration. Clinton and Rubin, who became his Treasury Secretary in 1995, took the American passion for free trade and carried it further to press for the freer movement of capital. Along the way they pushed harder to win opportunities for American banks, brokerages and insurance companies

 

With the demise of the Soviet Union, Communism ceased to exist within Russia as well as to be propagated internationally. It has been discredited as an ideology as the majority of its former adherents have adopted Capitalism.

 

America has also used various international institutions to promote her global agenda. The most notable of these are the IMF and the World Bank; two institutions which America was instrumental in establishing after the Second World War. For example the IMF in the name of promoting economic prosperity has reached deep into areas once thought to be none of its business - such as labor markets, banking rules and competition policy further encroaching on national sovereignty

 

Furthermore American influence and grip over various country economies will be strengthened and consolidated. The United States will probably find its international economic and political dominance enhanced. Richard Robinson (the current governor of New Mexico) who used to be a member of the National Security Council in America has said that, "…the world is witnessing the dawn of a new financial Pax Americana that could extend U.S leverage over China and Russia as well as the rest of Asia

 

The solution to the ills of Global Capitalism in all its manifestations can never be solved by reforming it, because Capitalism is the root of the problem. The solution can only be rectified by the abolition of such an exploitative system. It needs to be replaced by a system which is build upon a sound intellectual basis, which recognises the nature of human beings and has systems and rules which work in harmony with them not against them. Only then can people be delivered from the awful state in which Capitalism has left them.

[Medley of extemporanea]

This is really a great topic; A big thank you to all those who have contributed to it.

 

I have a couple of questions on the subject; I would appreciate it if some of you could answer them.

 

What is a welfare state?

Is there such a thing as an “Islamic” economic system? If so, are there any examples of it (ancient or modern)?

What does social democratic mean?

Is anything wrong with private ownership of the means of production? If so what?

 

Thanks again.

[Medley of extemporanea]

A lot of the criticism so far has been 'moral' criticism. Can someone present some economic criticism that would show how capitalism is a flawed system or an unworkable system Economically?

[Xudeedi]

I don't think Capitalism is flawed. Capitalism basically encourages private investment or ownership, protects your business from governmental interferance even though it can levy high tax on your decision to move your business else where, and most importantly, increases competition among businesses. When you look at the stock market such the NYSE NASDAQ, etc, each shareholder seeks to bolster hiw own income which then increases demand and supply. Its main deficiency is that there is no balance of income, but it can at least provide economic stability for the whole nation.