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 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
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