VineyIsLORD
Norm Smith Medallist
- May 6, 2016
- 5,437
- 5,362
- AFL Club
- Melbourne
- Banned
- #1
Capitalism was a good system during a time when the colonies were around and the new world was opening up. It was significantly more egalitarian than the economic system that preceded it (Mercantilism) in a pre-industrial and early-industrial world.
It has since adapted many times to sustain itself, most significantly during the mid 1900's when in the face of widespread socialist movements Capitalists incorporated many socialist economic and social policies to appease the majority of workers.
As industrial bases in the capitalist nations have been eroded (due to the primary contradiction within capitalism i.e. that it requires ever cheaper workers and ever more customers) beginning in the late 60's and early 70's, Capitalism has now reverted back to its core principles i.e. that those with capital will influence the government to protect and expand their own wealth, at the expense of literally everybody else. This contradiction is going to become an even bigger problem with increased automation of labour.
Capitalism is facing its death, which is not a big problem in itself. All economic systems are created, adapt and then die. The big risk is that the Capitalist class are incredibly unlikely to adapt to the new paradigm and will continue to attack workers at home and abroad to maintain and expand their influence.
Discuss.
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