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Social and Political Issues, Oct. 1

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Diane Enns

October 1 Is there a good capitalism? - What is good about capitalism? o Competition and innovation (money as an incentive to be the best we can be). o Choice. (Quantity and quality) o Autonomy o Ambition; Meritocracy (‘equal opportunity’) o Gives rise to the American Dream (self-made, self-determining). - Capitalism, unfortunately, serves only the ruling class. o The benefits of capitalism are not reaped by more than one class – by definition they can only be experienced by one. o The gap between the rich and the poor is the worst in the developing countries. The top 1%’s income has doubled in recent times, and the top .1%’s income has tripled. o Global wealth distribution is egregiously in favour of the rich: 4.5T in the hands of 1,210 billionaires, and 8.2T in the hands of 3 billion people.  The average Canadian makes 38,000yr. o Why is the gap growing? Some Theories:  We are experiencing another labour revolution; a transition from low skill industrial work to a high skill knowledge based work. Rising education costs are exacerbating this.  Maybe capitalism is cracking under the strain The Communist Manifesto: - A document that expresses an outrage against an injustice and a solution, in revolutionary spirit – which is what we need to take from it, and any other fai
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