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Why We Need to Keep Embracing Capitalism

benefits of capitalismIt is always a good idea to review how lucky we are to be living in a capitalistic society. Basically that are two governmental structures in the world that are being consider: Capitalism and socialism. These two systems represent very different approaches to managing the economics of countries throughout the world.

Socialism and its Fake Popularity

So let us look at what these two economic approaches mean exactly. We are seeing activists these days who are advocating the implementation of socialism within the borders of the United States. But there are countless examples of where these activists plainly do not understand what socialism really means, or they are not embracing the principles of socialism personally.

How can Bernie Sanders promote socialism while owning more than one house personally? His personal action contradicts what he is promoting. Additionally, one of his personal tax returns indicate that he only pays around 13% taxes – whereas citizens in a socialistic society typically pay around 65-75% tax rates to support the economic system. And finally, during his 2016 Presidential Campaign, Bernie Sanders only paid minimum wage to the majority of his staff members – another action to goes against socialism.

We can conclude that either Bernie Sanders is a liar or he doesn’t really understand what socialism really means. He is not only self-proclaimed “socialist” whose actions do not support their claims. Recently, the young socialist Alexandria Oscasio-Cortez from New York tweeted, “Back home after a lovely few days off enjoying US examples of Democratic Socialism, like: …. Acadia National Park .. Café Co-Ops … Worker Owned Businesses”  yet these entities are far more capitalistic operations than they are socialistic. She is one of many quotes from her indicating she knows very little about socialism.

Capitalism Defined

Capitalism, in its purest form, is every man for himself. Keep in mind that there are no countries today that practice capitalism in its purest form because there are always a few socialistic elements. Generally speaking, a capitalist society serves those who work either the hardest or the smartest. Yes, there are those who benefit from luck, but no one can predict luck in any society. And these people who work hard (and smart) make the best of the resources around them – be it material resources or technologies.

When they innovate and find better ways to manage and utilize these resources, the capitalistic society rewards them. This is why capitalism provides for the biggest economic growth, because it rewards those who use innovation to improve our society. It promotes higher education so that we can use intelligence to improve the world around us.

Can economic growth get out of hand and become uncontrollable? Yes, most definitely. This is especially when those with the most wealth attempt to control resources and lock out competition from smaller companies. This is why every society needs government regulation. Life sustaining resources like utilities, fuel, and medicine must be available to everyone so that our society can exist – therefore, those are regulated by the government – and rightly so.

But the issue of what the government could and should control is a huge point of contention between people who support capitalism and those who support socialism.

 

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