by Devon Langley
The United States of America was founded on many things. Slavery, and freedom. The right for citizens to vote, but only for a select few. A host of oxymorons, principles that make no sense together.
One driving force behind the structure of the US is capitalism. It’s a word that is often thrown around, but many don’t fully understand the complexities.
According to the dictionary, capitalism is “an economic and political system in which a country’s trade and industry are controlled by private owners for profit.” This ultimately means that there is little to no guidance from the government.
Capitalism is often framed in a good light. Supporters say that capitalism fuels competition among private business owners, which in turn fuels innovation as they compete to stay on top. It also is said that this aligns with the principle of individual freedom, as business owners are able to do what they wish.
However, there are many critiques of capitalism that are also important to discuss if we wish to foster a healthy, sustainable workforce.
Capitalism has created a mentality where constant productivity is valued above all else. Businesses look for employees who will not stop giving, and if they do stop, they are fired and replaced.
This leads to a great exploitation of workers. They are forced to conform to some employers’ outrageous demands because they cannot afford to lose their job. It’s a matter of making ends meet.
Capitalism builds a wall that keeps those in poverty away from success. It is a struggle for those who are homeless to break into a capitalistic world because they are not taken seriously. They are not given the resources they need to succeed.
Many believe that people are in poverty because they didn’t “work hard enough.” This stems from the capitalistic mindset that if you work hard you will go far. Really, this isn’t often the case, and poverty is evidence of that.
Capitalism is also directly linked to the strong materialistic nature of Americans. Americans follow fads and trends religiously. It influences our lifestyles and leads to patterns such as fast fashion, which is harmful for the environment.
Materialism can often get in the way of many opportunities. It values the importance of objects over experiences, which may limit an individual’s potential for experiences and opportunities.
Materialism also drives social comparison, which ultimately leads to dissatisfaction. We all have heard the saying “The grass is always greener on the other side.” Social comparison can often lead to very negative mindsets.
Capitalism builds a cut-throat economy where small businesses struggle to make a name for themselves. It harms employees and members of the economy. A stronger system with more checks and balances that allow stronger rights for employees and more opportunities for small businesses is a way to level the playing field and ensure that power and money isn’t being funneled directly to the top, and instead is distributed along the way.
Ultimately, it is important to recognize both the strengths and weaknesses of capitalism so that we can move forward with a growth mindset. Capitalism can drive creativity and innovation, of which society is always in desperate need. But the negative consequences cannot be ignored, and something must be done to help all Americans thrive in our country.