Capitalism Part II
Some additional thoughts on capitalism…
I remember a time when capitalism did not seem so rapacious, as destructive in its general effect upon the social circle within my awareness. Perhaps as a young adult in my twenties, I was simply ignorant, blind to suffering of others, particularly citizens of color. Yes, I was ignorant relatively speaking, as ignorance is a matter of degree.
There was a time in the late 20th century when a white male with a high school education could find a job in Oak Park, a suburb of Chicago, a job providing enough income for rent, for groceries, for incidental expenses of entertainment, such as a cup of coffee with a slice of pie, with a friend, when opportunity arose. Health care costs? At that stage in life, for the rare illness, requiring medical attention — those could be handled, ‘out of pocket.’ When enrolled with an institution of higher education, health insurance coverage could be purchased at a low, affordable cost.
That era recedes in the rear view mirror. At present, in the 21st century, unless one is fortunate to be economically privileged, for a young adult to leave ones home to live independently is a precarious endeavor. Economic reality has greatly changed. The margins are far less generous. The expense of basic living is such that a young adult is at risk of incurring more debt than they can pay off over the arc of their prime earning years. Too many, far too many citizens formerly “middle class” now roll-the-dice on their prospects for a future.
And this is not to speak of individuals of color, the non-Caucasian participants in our society. For them the odds are worse…
Things do not need be they way they are.
Capitalism is the “heart of darkness” for 21st century America.
It is impossible to ‘turn back time.’ But we simply must modify economic arrangements as they now stand — if we are to survive.
4 thoughts on “Capitalism Part II”
OK, but please be more specific: What would you eradicate? What will replace it?
Off the top of my head, the Glass-Steagall banking act should be reinstated. The act separated commercial banking from investment banking, and was repealed in 1999 because it was thought that keeping the two separated would increase risk. No surprise — just the opposite has happened. Investment banking which resembles gambling should not involve mortgages and the funds deposited by the average citizen.
Capitalism, more and more unregulated resembles the mythical wild west. Our economy has been greatly financialized to the disadvantage of the indebted average citizen and to the advantage of those who hold the paper.
Well and good, but that sounds as if you would merely slightly modify an aspect of capitalism, not replace it. Is that indeed your goal — to leave capitalism in place but to de-fang it?
You asked me what I would change. I suggested one concrete change that I would approve.
My criticism is meant to be thoroughgoing, as the issue with capitalism is tantamount to cancer. However as our institutions are our life-support we can hardly summarily replace what we have. A great deal of regulation is called for. Those with the most power have never voluntarily given up any of what they have.