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Why do people still say western-style capitalism is perfect and we shouldn't be critical of it when it is clearly a failure?
1.
Wealth inequality in the US is on a consistent rise. This means that even thought there is more money being created, most people do not see the benefits.
https://i.imgur.com/soNDNeV.png
2.
GDP per capita in the US as well as most countries in Europe is expected to DECLINE in the next several decades. This means less money to go around, combined with more money concentrated at top, inevitably means that the median person will be POORER in the future. Living standards are projected to DECLINE.
https://i.imgur.com/8JnqkZS.png
3.
The irrationality of the markets leads to periodic economic crashes as it fundamentally is incapable of responding to crisis well. "Panic" in situations like the Dust Bowl, the 2008 housing market crash, or now the coronavirus, lead to enormous economic collapses as everyone tries to act in their own individual interests, leading to anarchic and irrational responses to crisis, and often exacerbate rather than solve them. The US is currently hitting its 7th recession since 1970, roughly an economic crisis every 7 years.
4.
GDP growth is incredibly, INCREDIBLY low, and literally negative for most western-style capitalist countries. According to the World Bank, the entire European Union has a lower GDP in most recent data (2018) than they did in 2008. That is NEGATIVE GDP GROWTH OVER 10 YEARS. Combine this with the new crash and it will likely be negative GDP growth over 20 years. Even the US which is one of
the only western-style capitalist to maintain positive GDP growth still has incredibly low GDP growth compared to eastern-style economies like Vietnam and China which have almost three times US GDP growth.
5.
Nearly all countries on the planet are capitalist, and nearly all countries on the planet are poor. The "success" that capitalists point to primarily come from these few western countries in Western Europe and USA. But as we have seen western Europe has been unable to cope with the current level of industrialization and has
had stagnation for 10 years and will likely continue declining for 10 more, and even the US the average person is projected to be poorer by 2050. The very limited "successes" are hardly even successes at all.
How consistently does an economic system have to fail before someone is willing to critique the economic system?
6 Answers
- Anonymous11 months ago
Tell us who ever said "western-style capitalism is perfect". BETCHA CAN'T!!
- Anonymous11 months ago
What are all those squiggly lines?
- The TaxpayerLv 711 months ago
The wealth inequality is very prevalent in democrat areas like NYC and SF. It's something to do with the way they're being governed. You don't find too much of that in say Iowa, the Dakotas, and much of the south and mid-west. Democrats campaign on it a lot though. Saying stuff about it really suckers the kids in...because "they care."
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- Anonymous11 months ago
I'm voting Trump and spreading democrats wealth
- Anonymous11 months ago
How is the weather in Beijing today, commie?
